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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Apr- 2018 -11 April
High street store openings at lowest level in seven years
New high street store openings have fallen to their lowest level since 2010, new research suggests. A report by retail location strategists Local Data Company (LDC) for PwC, which studied 500 town centres across the country, shows that the number of new stores opened on the UK high street feel…
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10 April
Card Factory posts £14.6m drop in full-year profits
Card Factory has posted a £14.6m drop in its full-year profits which it has attributed to the weak pound and soaring wage costs. Pre-tax profits for the fiscal year ending January 31 were £72.6m, down 12.3% on the previous year. This is despite the card and gift retailer’s revenues increasing…
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10 April
Easter retail sales ‘didn’t measure up’: KPMG
Easter retail sales did not “measure up” to expectations, with overall UK retail sales increasing by 1.4% in March from last year, according to KPMG. New figures from the British Retail Consortium (BRC) show, on a total basis, sales rose 2.3% in March, against a decline of 0.2% in March…
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9 April
Mothercare latest to consider CVA store closures
Mothercare is reportedly considering the possibility of closing a third of its stores and reducing its rents through a Company Voluntary Arrangement (CVA). According to reports Mothercare would look to close around 47 of its 143 stores if a CVA is agreed with lenders. Mothercare would join a host of…
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9 April
Dominic Chappell to sue Philip Green
Former British Home Stores (BHS) owner Dominic Chappell said he plans to sue retail magnate Philip Green and contest a proposed boardroom ban by the Insolvency Service, in order to repair his “tarnished reputation”. On 28 March the Insolvency Service disqualified Chappel from running or controlling any company for up…
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9 April
Small firms hit by pension auto-enrolment scheme, claims FSB
Small firms and startups will be “hit the very hardest” by the doubling of auto-enrolment employer pension contributions, according to the Federation of Small Businesses (FSB). From 6 April 2018, the minimum amount employers must by law pay into workplace pensions increased by 2% of qualifying earnings, whilst staff contribute…
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9 April
Bestway acquires Conviviality retail brands
Bestway Wholesale has completed the purchase of Conviviality’s retail brands, in a deal closed at 11.56pm on Friday (6 April). In the £7m deal, the wholesaler acquired the Bargain Booze, Wine Rack, Select Convenience and WS Retail chains, saving 2,000 jobs. Matthew Callaghan, partner at PwC, said: “This deal safeguards…
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6 April
Bestways poised to purchase retail arm of Conviviality
Cash and carry wholesaler Bestway is set to announce its plan to purchase Conviviality’s retail chains, which includes Bargain Booze. According to reports Bestway, run by Zameer Choudrey, is thought to have paid roughly £7.5m for the Conviviality businesses. The deal will secure roughly 2,000 jobs and will bring the…
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6 April
Sainsbury’s ‘considered’ Mothercare acquisition
Sainsbury’s considered acquiring embattled retailer Mothercare but decided against making an offer, it has emerged. According to the Press Association the supermarket’s deals team had been monitoring the situation regarding the baby retailer over the past few months, with a view to make a potential acquisition. However Sainsbury’s decided against…
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5 April
Conviviality goes into administration
Drinks retailer and wholesaler Conviviality has filed for administration just a day after selling its wholesale business. Administrators PwC released a statement which read: “Matthew Callaghan, Ian Green and David Baxendale of PwC have today been appointed as joint administrators to Conviviality Plc. “Conviviality Plc continues to engage with parties…
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