Beckhams pay themselves £21m despite business losses

Beckhams pay themselves £21m despite business losses

1/22/2021 6:06:00 AM

Beckhams pay themselves £21m despite business losses

The couple paid themselves the sum despite heavy losses at Mrs Beckham's fashion brand.

He also noted that the company's revenue climbed by £600,000 in 2019 to £16.2m.However, Victoria Beckham Holdings (VBHL), which manages the former Spice Girl's fashion label, fared much worse during that time.image copyrightGetty Images

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Losses at the business - which is also backed by the Beckhams' former business partner Simon Fuller and private equity firm NEO investment Partners - widened to £16.6m during the year, following a loss of £12.5m in 2018.It marked the seventh year the brand has been in the red since it was founded in 2008.

VBHL blamed costs associated with the launch of the Victoria Beckham Beauty business, a new cosmetics range in which the group has an 85% shareholding.It also noted that total sales across the whole business were up by 7% in 2019.'Significant doubt'

Nevertheless, auditors BDO, who signed off on the accounts, warned that the business was now reliant on shareholder support to keep going which could "cast significant doubt on the company's ability to continue as a going concern".As the pandemic hammered the business last April, VBHL had to borrow £9.2m from its shareholders to repay an outstanding bank loan to HSBC after breaking its debt covenants.

VBHL said it was doing all it could to "navigate" the coronavirus crisis, including taking "all actions possible to conserve cash"."All non-essential expenditure is being deferred and hiring freezes have been implemented for open enable the company to navigate through this pandemic," it said.

Read more: BBC News (UK) »

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But if they have paid their bills, staff and taxes so what? Its their money. This is only a big deal if they have with held that money from those they owe. Two bloody numpties! Disgusting and? Happens when you're the bosses. There is not one single person in this comments stream that wouldn't do the same if they could. Not one.

Why not, all the others are doing it Alternative headline for those asking 'Whats the story ?' : Husband's business going just fine....Wife taking a cut of his success and dipping into his pot because her pot is only full of shareholder cash. Victoria says that she is deferring non-essential spending.....What essentials did she buy with her millions ?

🤷🤷🤪🤪🤬😠😠 I seem to recall that she put her staff GOVUK funded furlough. She should have to pay it back if she did! Government still pays itself despite the loss of nearly 100k citizens. borishasfailedtheuk They are so yesterday these fuckers Can’t see the problem here so why is this news It is none of my business, it is their business. As long as they paid the full amount of tax in the UK and have not put anyone on tax payer funded furlough and their businesses have not had any tax payer handouts.

My heart bleeds! Who cares. So? Are you going to report on very celebrities income now? Who Didn’t VB furlough all/most of the staff working at her ‘fashion’ biz? 21m quid and she still looks miserable. FFS. Wasters And then there was victoriabeckham pleading poverty for furlough payments for her staff last year.

£40,000 a day. Nice work if you can get it! Why shouldn’t they? Its their money, they earned it, they pay taxes, their employees are still being payed. If you want to throw this sort of headline around, concentrate on the ones who are really scamming, like the tax dodgers in Govt, laughing all the way off-shore.

OMG And why is this ‘news’ exactly What the fuck has it got to do with anyone else. I dont contribute to their wages or business. Im more concerned ive paid my tv licence in the past to fund the BBC My heart bleeds for them, what an absolute shame 😡😡😡 Isn’t it their money? Lobby for the change needed to the abomanation of the tax codes situation that we have slep walking into becoming the 'new' Capitalist norms, that gives us such disparity in wealth at the detriment of the world that we all rely on for all life and our species to exist. SquareUp

Yo I’m American and I do not understand the concept of the royal family. Like how is there a duke. Does he have any power? Is there incest to gain more pure blood royals? How can a Italian man be a duke in Britain? Would love if someone could help me thanks If Victoria is as old as me she cant really be selling much . How's lockdown are baskets heavy ?

who cares? Because they can. Its easy enough to rectify given the will. People throughout the world are connected and expressing their power more and more Governments and institutional organisation's have been slow to adapt to this late reality of today We just now say collectively say NO. I can’t believe how so many people are jealous of the Beckhams why get a life people

Essentially he makes the money, and she loses it all... Must be nice... Barely making ends meet ... It's their money to spend or afford to lose! money Beckhams Message 3, John was an avid Manchester United supporter and we visited him in the chapel this week where he’s wearing his Manchester scarf!!! The Beckhams should be ashamed of themselves putting this in the limelight when so many families are suffering so much pain right now!!!!

Message 2, I’d like to see Beckham donate money to Pinderfields Hospital where my father in law passed away on the 11th. Message 3 I’m ashamed to read this!! David Beckham has given a lot to charity, but not now, this makes them both look disgraceful and shameless addicts to money when many have nothing!! Message of 1

Its your money pay what you want Norm of capitalism! It goes to show just how selfish they are...I have no time for them and will NEVER buy their brand again!!! It may be legal. But anyone relying on these to be interesting will be out of pocket. So 90s This reminds me the business concept of drawings. These two are applying it comfortably

It's your money pay what you want but remember always use the rest for health benefits like: getting a tan, looking after ones hair and of course going the gym after a bigass meal you may regret later So what Once you get so much you cant spend it,I have trouble thinking what to spend my money on and I end up not spending it,i thought of getting a motorhome,i ended up buying eye lense replacement surgery so i dont need glasses

Glad someone's having a good year... not! Hopefully they donate that money to people who need it. Wondering if Harry read this? Good, good. Keep the senior management happy. It always ends up like that. It’s good to be the king and queen