Profits at the investment vehicle of the Lewis family halved last year as the family’s River Island retail chain was forced to slash prices to drive sales.
With an estimated worth of £1.6bn, Bernard Lewis’s family’s vehicle, The Lewis Trust Group, had turnover of £888m, up from £812 the year before according to accounts filed at companies house last week.
The group’s £300m property division slipped into the red – making a £4m loss compared with a £32.5m profit the year before.
The group’s pretax profit fell to £152.8m, down from £157m.
Sunday Telegraph 13/07/2008 Page 3
