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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May- 2018 -18 May
Carpetright to issue shares to raise £60m fund ahead of CVA
Carpetright is to launch a proposed share issue in order to raise around £60m to help fund its restructure and recovery plans. The carpet retailer is planning to issue off 232,463,221 new ordinary shares by way of a placing and open offer at a price of 28 pence per new…
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17 May
British Land submits plan for major retail development at Canada Water
Commercial property firm British Land has proposed a masterplan for a 1 million sq ft retail and leisure space at London’s Canada Water area. The submission of the planning application follows four years of close collaboration with Southwark Council and extensive consultation with the local community. Alongside the overall masterplan…
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17 May
Mothercare to shut 50 shops and restore CEO Mark Newton-Jones
Mothercare has announced as part of a Company Voluntary Agreement (CVA) it will shut 50 of its 137 stores with around 800 jobs axed. As part of its restructuring plan the parenting retail chain confirmed that a further 21 stores will see a rent reduction. Former CEO Mark Newton-Jones is…
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16 May
Arcadia’s profits plummet by 42%
Arcadia Group’s parent company Taveta Investments has reported a 42% drop in the company’s profit for the year to 26 August 2017. The group – which owns high street chains Topshop, Dorothy Perkins and Miss Selfridge – made £124.1m in profits before goodwill, amortisation and exceptional items. Total sales fell…
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16 May
Moss Bros trading recovers slightly but sales struggles continue
Moss Bros has announced a slight improvement in its first quarter for 2018 despite its sales figures continuing to struggle. Total like-for-like sales were 5.2% lower for the 15 week period to the 12 May 2018. However this is an improvement on the 6.5% decline that was reported in its…
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16 May
‘Royal wedding fever’ to boost retail spending by £195m
The royal wedding is set to boost retail sales across the UK by an estimated £195m by the end of August, according to retail specialists Springboard. According to the group retailers are set to receive a much needed boost in May, with an estimated £93.1m to be spent across UK…
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15 May
Mothercare to speed up store closures and job cuts
Mothercare have announced they are set to speed up the closure of stores and cutting of jobs, in order to attract fresh funds from investors. The baby store chain confirmed to media that it was launching an equity fund as part of a restructuring and refinancing package. The new strategy…
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14 May
Poundworld suspends CVA as US owners receive expressions of interest
TPG Capital, the US owner of Poundworld, has delayed plans of a potential Company Voluntary Agreement (CVA) for the discount retailer as it has received expressions of interest for the company. Poundworld was due to undergo a CVA that would have seen the closure of 100 of its 355 stores…
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14 May
Northern Ireland suffers most from UK retail struggles
Northern Ireland is suffering the worst of retail’s bad weather, showing a 7.3% drop in footfall and a retail space vacancy rate of 14.2%, 5% higher than the UK average. The figures from statistics and research firm, Springboard, show the country reporting its worst retail performance since 2015. The decline…
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14 May
Wet start to April dampens retail footfall
Footfall in April decreased by 3.3%, which is a significant decline compared to the 1.6% increase seen the previous year. New data from retail intelligence firm Springboard revealed that there has been no growth in footfall for any UK region for two consecutive months. Most regions saw a slower rate…
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