Posh furniture firm co-founded by Sam Cam’s mother borrows £9m after racking up losses of £23.5m
The posh furniture firm co-founded by David Cameron’s mother-in-law has had to take out a £9million loan after racking up losses of £23.5million.
Oka, which Samantha Cameron’s mother Lady Astor, who is still a director, founded with designers Lucinda Waterhouse and Sue Jones in 1999, saw losses spiral in 2019 despite a sales rise.
Turnover rose to £53million from £32million in 2018, accounts show, but it has struggled since it ran up costs buying US furniture/interiors brand Wisteria two years ago.
Oka, which Samantha Cameron’s mother Lady Astor (pictured) founded with designers Lucinda Waterhouse and Sue Jones in 1999, saw losses spiral in 2019 despite a sales rise
Oka said Dallas-based Wisteria had performed ‘below expectations’ – but it still plans more US stores.
Oka’s majority shareholder, former Aston Martin-backer Investindustrial, lent it £9million in June 2020 to ‘increase cash reserves’.
The seller of armchairs worth more than £6,000 and chests of drawers for £2,500 must pay the loan back by 2027.
Pre-Covid losses are likely to have been compounded by the pandemic after stores shut for months.
Sales fell 4.5 per cent in the 10 months to October. Oka has 14 UK shops in areas such as Chelsea, Bath and Tunbridge Wells.