Lidl suffers £25m losses after expansion
Lidl suffers colossal losses because it launched a major investment plan before Covid struck. - Credit: Archant
The German-owned chain Lidl, with stores across Norfolk, revealed it suffered a pre-Covid £25.2m slump.
The slide was for the year to February 29 2020 and compared to making £19m in profit the previous year.
This was because of its investment in new stores and recruitment of extra staff, a strategy launched before coronavirus struck.
The firm is currently building a new store in Postwick, near Norwich and Downham Market.
It said its UK workforce increased by 8pc to 23,249 nationwide as it hired nearly another 1,800 employees. It also said it spent £654m adding another 51 stores and a new warehouse.
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It now has more than 800 stores and 13 distribution centres.
Work is under way to build a new 1,256msq store at Broadland Gate, which will create around 40 new jobs. Lidl also hopes to build on land south west of the A10 and Bexwell Road roundabout at Downham Market.
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