Cambridge Satchel sales buckle

 
Kasmira Jefford
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The retailer said visits to its website have jumped by 50 per cent since the start of the year
THE CAMBRIDGE Satchel Company posted a drop in sales and profit last year after investing in a new flagship store and revamping its website.

The leather satchel-maker said turnarover fell 21.7 per cent to £10.1m in the year to 30 June 2014, blaming tough comparatives on the previous year when it starred in a Google Chrome advertisement that aired on television in 2012.

Profit on ordinary activities before tax fell to £1.8m, down from £4.7m the previous year, accounts on Companies’ House show.

The Cambridge Satchel Company has been undergoing a major overhaul over the last two years and received a £12.7m investment from venture capital firm Index Ventures last year to support its expansion.

The group moved into bigger offices to house its 100-plus staff, opened a five-storey store in Covent Garden last autumn and revamped its online platform.

“The team undertook various infrastructure projects including improving logistics and warehousing in order to sustain our manufacturing in the UK. The above investments have already shown strong results,” Julie Dean who founded the group in 2008, said.