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 -22 May
Topps Tiles see profits crack by almost 33%
Topps Tiles has seen a 32.6% drop in pre-tax profits, falling from £9.5m to £6.4m. The firm did see revenue growth in the six months ending on March 31 by 3.7% up to £110.5m from £106.6m. In a recent attempt to pull in more customers the retailer ran several sales…
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22 May
Tim Stacey named CEO of DFS
DFS, has announced that Ian Filby will be retiring as CEO to be succeeded by Tim Stacey, the current group chief operating officer (COO). Ian Filby will also step down from the board of directors on the 31 October 2018 following eight years at the helm of the furniture retailer.…
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21 May
House of Fraser CVA could close up to half its stores
House of Fraser is expected to close around half of its UK stores as part of its upcoming Company Voluntary Agreement (CVA) next month. According to reports around 30 of its 59 UK stores are set to be axed as part of the CVA with rent cuts expected to be…
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21 May
M&S could close 40 more stores
M&S could close 40 more stores according to reports, bringing the total closed stores to 100 as it continues to struggle with bad economic weather on the high street. So far 20 of the chain’s stores have already closed down impacting 900 staff members, with staff finding out today whether…
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21 May
SME retailers see international payments double
Small and medium-sized retailers (SMEs) are responding to macroeconomic pressure in the UK by expanding internationally, according to a survey. WorldFirst’s latest Global Trade Barometer (GTB) quarterly survey from the currency exchange service company found that the average SME retailer made overseas transfers of £54,274 in Q1 2018 – nearly…
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18 May
34 Carluccio’s restaurants to close after it announces CVA
Italian restaurant chain Carluccio’s has announced it is to close 34 restaurants as part of a recently announced company voluntary agreement (CVA). As many 103 UK sites are also set to “exit” as part of restructuring at the company. The CVA, yet to be approved by creditors will see the…
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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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