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The Guardian - UK
The Guardian - UK
Politics
Sarah Butler

George Osborne’s family firm breaches Covid loan terms as profits slump 98%

George Osborne Covid-19 Peter Osborne Europe United Kingdom HSBC
Anthony Little and Sir Peter Osborne looking at a piece of fabric in a shop
The business was founded by the former chancellor’s father, Sir Peter Osborne (right), and his brother-in-law Anthony Little (left). Photograph: Frank Baron/The Guardian

Profits at the former chancellor George Osborne’s family business slumped 98% to £30,000 last year and the company breached the terms of a Covid business loan as it faced increased costs and poor sales in the UK and Europe.

Sales at the upmarket fabric and wallpaper purveyor, which was founded by Osborne’s father and his brother-in-law in the 1960s, rose 11% to £32m in the year to 31 March, partly thanks to a deal with Ralph Lauren and strong sales in the US, but sales fell in the UK and Europe.

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