High Street
The latest news, updates and analysis on the the British High Street and UK retail industry. Sign up to the Daily Briefing and let Retail Sector’s business journalists keep you in the picture.
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Sep- 2019 -18 September
Sports Direct to ‘ignore’ deadline in hunt for new auditor
Sports Direct is still searching for a new auditor, amid reports that it could be forced to consult the government for guidance. The retail brand’s auditor Grant Thornton officially resigned after nine years, at the company’s AGM last week (11 September) following a £605m tax bill from Belgian authorities. Shareholder…
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18 September
Kingfisher sales slip in H1 results
DIY retailer Kingfisher has reported a 0.9% decrease in total sales for the six months ended 31 July 2019. Retail profit was down 4.4% in constant currency, which it said was “largely driven” by its French operations, and statutory pre-tax profit dropped by 12.5%, after exceptional items. B&Q’s total sales…
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18 September
Vodafone extends franchise operation with 24 new high streets stores
Vodafone is set to take on at least 24 empty premises by the end of this year and fit them out as new retail stores as part of its franchise programme. Vodafone is continuing its ongoing investment in its retail presence to “help customers get the most from its new…
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17 September
One in 20 workers not receiving holiday pay, research reveals
Around one in 20 workers in the UK are not receiving any holiday entitlement, according to a recent study by think tank the Resolution Foundation. The report found that 4% of workers in the wholesale, retail and motor services sector say they have no paid holiday entitlement, amounting to approximately…
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17 September
French Connection losses narrow in H1
Fashion retailer French Connection has reported a reduction in its pre-tax losses for the six month period to 31 July 2019. Pre-tax losses were at £4.7 million during the period, compared with losses of £15.1 million for the same period last year. Group revenue decreased by 12.2% to £51m, as…
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16 September
Clintons calls in KPMG as it mulls over potential sale
Greetings card retailer Clintons has called in advisers from KPMG as its owners explore a potential sale of the business. According to Sky News, its US-based parent company American Greetings is considering a sale just seven years after it acquired the company and forced it into administration. The ‘Big Four’…
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16 September
Schuh to seek rental reductions
Footwear retailer Schuh has become the latest retailer to ask landlords for rent reductions across its retail estate, after it reportedly hired a consultant to explore money saving options. According to reports from The Times, the brand has brought in retail property consultants from Capa, to carry out a full…
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13 September
A&B Pawnbrokers and Herbert Brown shutters UK stores
Albemarle & Bond Pawnbrokers (A&B Pawnbrokers) and Herbert Brown have shuttered stores across the country, in a sudden move that has left customers in the dark over the whereabouts of items pawned with the businesses. In a statement on its website, the pawnbrokers apologised for “any inconvenience that may be…
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12 September
91% of Sports Direct shareholders re-elect Mike Ashley
Over 90% of Sports Direct’s shareholders have voted in favour of founder Mike Ashley’s re-election as a director of the company. A statement from the group’s AGM on Wednesday (11 September) said that 90.99% of votes cast were in favour of re-electing Ashley, with just over 9% voting against it. …
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12 September
Co-op profits dropped by almost 50% in H1
The Co-operative Group saw profits drop by almost 50% in the six months to July, as the firm’s funerals business took a hit from an “unexpected” drop in the number of deaths. Profit before tax reduced to £25m for the period, compared with £44m for the same period last year.…
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