AO World boss John Roberts has classed the £15 million the listed group has spent planning for a no-deal Brexit as “wasted money”.
The Bolton-based online electrical retailer recently revealed the Brexit contingency spending while reporting a jump in revenues to £900m.
Company founder Roberts, who was re-appointed to the role of CEO in January, said the necessary move to increase stock on fast-moving products by around £15m was regrettable.
“We feel very ready [for a no-deal Brexit scenario] and have spent a lot of money. I’d class that as wasted a lot of money,” he told the Press Association.
“We could have invested that money on much (more) positive things.”
The firm is planning the launch of AO Mobile following the acquisition of Mobile Phones Direct in November of last year.
The company is also expected to launch a “£2-a-week washing machine”.
If you missed it over the weekend, proud to say that @ao is trialling a £2-a-week washing machine. Disrupting the market the AO Way, making essential goods cheap & accessible for Generation Rent and those stuck in the high-cost credit cycle. Very excited about this!
— John Roberts (@johnrobertsAO) April 2, 2019