Willis Owen saw its pre-tax profits fall more than 20 per cent to £1.9m in 2012 as it increased its provisions to deal with complaints to £45,100.
In its unauduted accounts for the year to 30 September 2012, published today, the direct to consumer business, whose parent company is Honister Capital Holdings, saw profits fall from £2.4m in 2011.
The company also saw its turnover drop from £3.4m in 2011 to £3m last year. It increased its provisions for one-off costs with the amount set aside to deal with complaints rising from just £596 in 2011 to £45,100 last year.
In October 2011, Willis Owen was moved from parent company Honister Capital Limited to Honister Capital Holdings Limited. Honister Capital Limited went into administration last July. At the time Willis Owen said it was unaffected by the administration and would operate as normal.
The network was backed by Monsoon Accessorize founder and owner Peter Simon, who also owns Honister Capital Holdings.