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

Fabric and wallpaper company Osborne & Little says it faced higher costs and poor sales in UK and Europe in last financial year

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.