Watches of Switzerland Group will repay over £50 million of furlough cash and coronavirus support loans


The Watches of Switzerland Group confirmed today that it will repay £6.8 million of furlough cash that it has secured from the UK government.

Chief financial officer Anders Romberg said that the business was still holding the cash while the repayment is being processed, but it was not included in record financial results that saw sales rise by 12% to £905.1 million in the year to May 2 and profit increase from £78 million to between £104 million and £107 million.


The company also announced it will repay and cancel a £45 million Coronavirus Large Business Interruption Loan Scheme facility as a result of a continued strong business performance.

The only support that is not expected to be repaid is the saving from real estate taxes for the financial year, although the group does expect these to resume and have been included in forward guidance.

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