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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Jul- 2018 -10 July
Deloitte announces first wave of Poundworld store closures
Deloitte, which is handling the administration of Poundworld, has announced the closure of 25 stores resulting in around 242 staff redundancies. Administrators said the decision will not impact on the potential sale of the remaining business, which will include a significant number of stores, the head office and distribution centre.…
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10 July
Poundland founder prepares Poundworld bid after Chris Edwards pulls out
The founder of Poundland, Steve Smith, is preparing a bid for embattled rival Poundworld after Chris Edwards, the latter’s founder, withdrew his bid for the company. A Press Association release said Smith was in early-stage talks with Deloitte, however the administrators declined to comment when contacted by Retail Sector. Smith…
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10 July
Home Bargains ‘underpaid staff £272k’
Discount retailer TJ Morris Limited, trading as Home Bargains, has failed to pay the national minimum wage to its staff according to the UK government. Home Bargains appeared second in a government list of nearly 240 employers who had not paid the National Living and Minimum Wage, with the retailer…
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9 July
Matalan continues strong performance with 4.9% revenue boost
Fashion and homeware retailer Matalan has reported a 4.9% increase in revenue for the 13 weeks ending 26 May 2018. Total revenue increased by £15.5m to £265.9m, with the group pointing to its children’s ranges as the “highlight this season” in addition to strong performance across the board. Jason Hargreaves,…
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9 July
Mothercare adds 10 store closures to CVA after Childrens World administration
Mothercare has earmarked another 10 stores for closure as part of its CVA bringing the total to 60 stores, after the group’s Childrens World division entered administration. The new store closures mean that up to 900 jobs will be lost by June 2019. The news comes after the CVA proposal…
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6 July
UK Treasury rejects retailers’ business rates reform calls
The UK Treasury has today rejected calls from retailers who say business rates should be reformed to create a level playing field with online retailers. During a meeting of parliament’s Treasury Select Committee, chancellor Philip Hammond said reforming international corporation tax was a higher priority for the government, adding that…
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6 July
Poundworld founder urges ‘moral argument’ after administrators reject rescue bid
A rescue bid offer made by Poundworld founder Chris Edwards has been been rejected by appointed administrators Deloitte, who say it is not high enough. On 3 July a Deloitte spokesperson said the group was continuing “to seek a buyer of all or parts of the business”, but added to…
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5 July
Retailers win court battle against Mastercard and Visa
The Court of Appeals has ruled in favour of four UK retailers who claimed that card fees charged by Mastercard and Visa when customers make a transaction were too high. Judge Terence Etherton agreed with Asda, Sainsbury’s, Morrisons and Argos and found that the card merchants’ system was an “unlawful…
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5 July
Primark defies high street strife with 6% sales boost
Budget fashion retailer Primark has reported a 6% increase in sales in the 40 weeks to 23 June compared with the previous year. Associated British Foods (ABF), which owns Primark, said growth was driven by increased retail selling space in the UK and abroad, and as a result of “better…
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5 July
England/Colombia World Cup win scores UK a £1.3bn economy boost
England’s penalty shootout victory against Colombia has given the UK economy a £1.33bn boost according to new figures. The figures from the Centre for Retail Research (CRR) show that the UK will benefit from a £2.72bn boost if England make the final. It is thought that the majority of the…
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