Osborne’s family business gets Brexit bump
Former chancellor George Osborne’s family business is set to benefit from the fall in pound following the Brexit vote.
Osborne & Little, the luxury wallpaper chain, said that the drop in sterling would bring a “material benefit” to the business next year.
The company reported sales of £32.8m, down four per cent for the year to March 2016. However, it reported a pre-tax loss of £377,000.
In its latest accounts, Osborne & Little board said: “In the short term there will be limited impact resulting from the UK leaving the EU, but if exchange rates stay as they are, in particular, the exchange rate between sterling and the US dollar, then there will be a material benefit in the year ending 31 March 2018.”
“The majority of the US … turnover is sourced by exports from the UK parent company,” the accounts stated.