Not on the High Street slashes jobs as losses widen
Not on the High Street has continued to slash jobs in a bid to stem its widening losses amid falling sales.
The Bristol-headquartered business cut its headcount in March this year having also shed 70 members of staff in the year to 31 March, 2024.
The update has been revealed in newly filed accounts with Companies House which have been published more than seven months after the deadline and 16 months after the end of its financial year.
The new accounts do not include any indication on how the firm has performed in its most recent financial year.
The results come after chief executive Leanne Rothwell stepped down from her role after 13 years in May.
The results show Not on the High Street’s pre-tax losses widened from £38.9m to £44.4m in the year to 31 March, 2024.
Its latest loss comes after Not on the High Street also lost £68.9m in the year to March 2022.
Not on the High Street said its pre-tax losses widened as a result of the “continued investment in marketing and technology teams, restructuring costs and compounded by the market challenges”.
It added that its directors are “confident the necessary restructuring has positioned the business well to focus on revenue and a return to profitability in the future”.
Over the same period, its revenue also declined from £29m to £25.8m.
Not on the High Street’s headcount stood at 127 as of 31 March, 2024, but has since declined further.
That latest public figure comes after the company employed 198 people in March 2023 and 212 in March 2022.
Not on the High Street eyes return to profit
Not on the High Street received an equity investment of £4m in July 2024 and a further £3m in April 2025.
A statement signed off by the board said: “The directors remain committed to the long-term strategy focused on driving revenue and returning to profitability, and during the first quarter of the financial year continued to invest in both marketing and technology.
“Throughout the current financial year, the performance of the business continued to be impacted by reduced consumer confidence by the conflicts in Ukraine and the Middle East, the cost-of-living crisis and pressure on household income.”
Not on the High Street added: “As a result of the market challenges, in the last quarter of the financial year, a further restructuring programme was executed o reduce operating costs.
“As part of plans and objectives for FY26 and beyond, in March 2025, a restructuring and resizing programme was executed to reduce operating costs including headcount.”