VICTORIA Beckham has been forced to tighten her designer belt as her fashion empire continues to flounder.
Posh, whose firm recently recorded losses of more than £12million, is taking drastic measures to save cash.
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Victoria Beckham has been forced to tighten the purse strings after her fashion label’s latest lossesCredit: Rex Features
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Becks will have to ditch her chauffeur and drive herself to work insteadCredit: Getty – Contributor
She has been told she can no longer employ a chauffeur, meaning she has to drive herself to work or take a taxi.
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And from next year her HQ in Hammersmith, West London, will no longer be decorated with scores of plant pots.
Two of the former Spice Girl’s aides, communications director Jo Milloy and head of brand PR Ruth Davies, have also quit.
In another desperate measure, Victoria, 45, has even offered to take a pay cut as she battles to save the business.
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David Beckham and his children Brooklyn, Romeo, Cruz and Harper attend Victoria’s catwalk show at London Fashion Week with Anna Wintour in SeptemberCredit: Reuters
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Victoria’s fashion empire reported losses of £12millionCredit: Jamie Lorriman
A store insider said: “Things are going from bad to worse for poor Posh.
“The chauffeur has gone, she’s now driving herself or getting Addison Lees, and the designer plants are on the way out as their upkeep is too dear.
“Victoria is gutted but she’s put everything into her fashion empire and won’t give up without a fight.”
A Companies House report last month showed the firm had recorded a £12.2million loss for the previous year — bringing losses over 11 years to £42million.
Victoria launched her fashion line in 2008. It was initially known for its dresses but over time expanded into handbags and separates.
At her first ever London Fashion Week show last year, she rushed to kiss her family as they proudly supported her on the catwalk.
However in 2016, husband David, 44, was forced to bail his wife out after her business was swamped with costs of almost £38 million.
It left her brand with a £3.8million deficit for 2014 despite a turnover of £34million.
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Victoria’s husband David bailed her out financially in 2016Credit: Getty – Contributor
David stepped in with £5.2million after Victoria spent £2,854,091 setting up an architect-designed shop in Mayfair, central London.
Last month, it was revealed Victoria’s fashion empire had lost £12 million in 2018, with losses of £42 million over 11 years since it launched.
It is thought former Manchester United ace and England captain David has poured in £23million over three years to prop up his wife’s dream.
In the past, Victoria Beckham Limited has been supported by other Beckham businesses. But annual accounts for their joint empire, Beckham Brand Holdings, which controls all their separate companies, has suffered its first-ever loss — £1.6million in 2018.
The previous year it had a net profit of £12.3million.
Profits at DB Ventures have halved in a year, from £23.3million in 2017 to £11.5million in 2018.
One financial expert told The Sun: “This will be hugely embarrassing for the Beckhams as it indicates they don’t quite have the same pulling power as they once did.
“If a regular company saw its profits more than halve, it would be a major crisis.”
