Beaverbrooks Boss Urges Government to Give Businesses a Break 2026

Beaverbrooks boss Anna Blackburn is urging the government to give businesses “a bit of a break” by halting cost increases, as the family-owned jeweller faces flat sales and falling profits. The retailer, founded in 1919, reported a 9% drop in underlying operating profit to £7.8m last year, blaming higher employer national insurance contributions (NICs) and the legal minimum wage introduced by former chancellor Rachel Reeves.

Beaverbrooks Financial Performance

Despite the profit decline, Blackburn remains positive about the company's performance in a challenging retail market. Total sales slipped just 0.1% to £217m, a resilient result given the broader economic pressures. The group operates 56 Beaverbrooks stores, four Loupe outlets, and 22 brand-specific stores for watchmakers like Omega, Breitling, Tudor, and TAG Heuer.

Government Policies Impacting Retailers

Blackburn points to recent government policies as key drivers of rising costs. The increase in employer NICs and the legal minimum wage have added significant pressure, particularly for retailers with large workforces. She warns that further cost increases could stifle growth and consumer confidence.

“Everything we hear in the jewellery industry suggests this is a pretty strong performance,” Blackburn said. “But the government can’t increase business costs much more. Give business a bit of a break and stimulate some growth and confidence. A long-term, joined-up strategy is critical.”

Call for Stability and Consumer Confidence

With the Christmas trading season approaching, Blackburn urges the government to avoid new taxes in next month’s budget and instead focus on tackling unemployment and inflation. She believes that boosting consumer confidence is essential for retailers to thrive.

Beaverbrooks continues to invest in its stores and online presence, aiming to outperform rivals despite the tough conditions. The company’s resilience highlights the importance of supportive government policies for the retail sector.

Key Takeaways for Businesses

• Rising employer NICs and minimum wage increases are squeezing profits for retailers.
• Government stability and consumer confidence are crucial for retail growth.
• Businesses are calling for a halt to further cost increases to stimulate investment.
• Beaverbrooks remains optimistic despite a challenging market, focusing on long-term strategy.

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