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Burberry repays Bank of England loan on Chinese sales boost

Burberry repays Bank of England loan after a sales bounce-back in China

Boost: Burberry’s online sales in China grew by a ‘triple digit’ percentage in the third quarter

Burberry has repaid its Bank of England loan after a sales bounce-back in China. 

The luxury fashion brand borrowed £300m through the Covid corporate financing facility (CCFF). It is also set to hand back £7m received in business rates relief, a spokesman confirmed. 

The company’s decision comes after an economic recovery from the pandemic in China that has lifted consumer spending. 

It said online sales in China grew by a ‘triple digit’ percentage in the third quarter, covering the 13 weeks to Boxing Day, part of a 50 per cent global rise. 

But shop sales fell by 9 per cent. 

A Burberry spokesman said the firm had repaid the cash a month early. 

He added: ‘We believe this is the right thing to do in the context of our improved third-quarter trading performance and financial stability, secured through rigorous cash management and the introduction of long-term funding via our sustainability bond.’

Read more at DailyMail.co.uk