Theo Fennell dismisses VAT rise

Jeweller Theo Fennell said yesterday January's VAT rise is not a worry as most of its affluent customers are from overseas and not liable for the tax. Chairman Rupert Hambro said the business had performed well over the last six months, while both its flagship Fulham Road and City stores have been upgraded. The company’s new silver diffusion ranges are to be launched in stores in October while other new ranges have already begun to appear in the run-up to the crucial Christmas period. Sales for the first six months of its current financial year are up 11 per cent on a year ago.