News
The latest news, updates and analysis on the the UK retail industry. Covering every segment of the market, Retail Sector’s business journalists keep you in the picture.
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Oct- 2018 -24 October
B&M acquires French discount retailer Paminvest SAS
B&M has announced the acquisition of French firm Paminvest SAS, a discount retail group operating 95 stores under the trading name Babou. The deal was made through B&M’s subsidiary, EV Retail Limited, and totalled €91m (£80m) including the debt of the Babou refinanced by B&M. For the year ending 31…
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23 October
New West End Company issues ‘stark’ warning to government over tax-free shopping
The New West End Company (NWEC) has issued a “stark” warning to the government over tax-free shopping in a joint letter to chancellor Philip Hammond, signed by over 300 West End retailers. In the letter, the trade body warned that the UK risked a further loss of international competitiveness post-Brexit…
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23 October
Intu sees property value drop amid ‘challenging’ period for UK retailers
Shopping centre owner Intu, has revealed its property value has dropped by 3% since the 1 July amid a “period that has been particularly challenging for UK retailers”. The company, which is currently considering a £2.8bn takeover from a consortium led by investment firm owner John Whittaker, announced it…
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23 October
ASOS appoints new CFO
Online fashion retailer ASOS has announced the appointment of Mathew Dunn to the role of chief financial officer (CFO) and to the main board of the company. Dunn will take up his roles in the spring of 2019 on a date to be announced in due course. He has held…
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22 October
Debenhams ‘could close a third of its stores’
It is rumoured Debenhams could be closing up to a third of its stores following a series of profit warnings and poor trading results. The embattled department store has 166 outlets across the UK and is reportedly looking to save £100m. The Sunday Telegraph reported that the chain would save…
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22 October
House of Fraser’s Manchester Kendal store to close
House of Fraser has confirmed the closure of its flagship Kendals department store in Manchester, after rescue talks with landlords broke down. The store located in Deansgate is expected to close in early 2019, with around 160 staff expected to lose their jobs. A spokesman for House of Fraser said:…
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22 October
C.Banner considers sale of Hamley’s
C.Banner is said to be considering the sale of Hamley’s a week after it posted a 2016 fall from £1.7m profit to £9.2m loss in 2017. Rumours began after C.Banner received approaches from potential buyers and appointed corporate finance firm Vermillion Partners to advise on a sale according to Sky…
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19 October
Westfield London named UK’s top shopping centre
Westfield London has been named the UK’s best performing shopping centre according to new research. The research by GlobalData also placed Westfield’s Stratford City in second and Bluewater in third. The shopping centres were ranked on performance (footfall, sales, turnover, dwell time), potential (shopper spending and five year forecasts), provision…
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19 October
Intu considering John Whitaker’s £2.8bn takeover bid
Shopping centre owner Intu has announced that it is considering a £2.8bn takeover bid from John Whittaker. Whittaker currently owns 27% of the company and has formed a consortium via his investment firm Peel Group, US asset manager Brookfield and Saudi Arabia’s Olayan on a possible bid for the remaining…
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19 October
Amazon to open new Manchester hub; vows to create 1000 jobs
Amazon has announced plans to open a new corporate office in Manchester in 2019 and increase the capacity of its Scotland Development Centre and Cambridge Development Centre. The new investment is part of the company’s boost to UK innovation and is set to provide additional capacity for over 1,000 new…
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