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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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
Retail property value sees biggest drop in six years
The value of UK retail properties fell by 0.8% in June, the biggest monthly fall since May 2012. According to figures released by real estate company CBRE, in June UK high street shops’ capital values dropped by 1.3% while shopping centres saw a decrease of 1.1%. CBRE’s Monthly UK Index…
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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
Ocado reports £9m half-year loss amid heavy investment
British online supermarket, Ocado, has reported a £9m loss in its half-year financial results amid a period of heavy investment. For the six months ending 3 June 2018 the retailer made £9m loss, but total revenue increased by 12.1% year-on-year from £713.8m to £799.9m. The grocer says losses were due…
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10 July
Tesco UK boss Charles Wilson resigns due to cancer diagnosis
Charles Wilson, CEO of Tesco UK and Ireland, has announced that he is to step down from the board after being diagnosed with throat cancer. Tesco said the diagnosis was found following an operation to remove his tonsils in April of this year, and that Wilson had been undergoing daily…
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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
200,000 companies sued over business rates
Over 200,000 businesses were taken to a Magistrates court for failing to pay for businesses rates under the first year of the new business rates revaluation, an investigation has revealed. Real estate advisor Altus Group collated information procured under the Freedom of Information Act (FOI) from all councils in England. They were…
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9 July
Costcutter rejects Co-op’s £15m takeover bid
The parent company of Costcutter, Bibby Line, has rejected a £15m bid from the Co-op which would have resulted in a full takeover of the company’s convenience stores. The deal would have seen Co-op become a retail business with over 4,000 stores, up from circa 2,500. It is understood the…
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9 July
Asda CEO: Hard Brexit could have ‘significant consequences’ for food supply and quality
Asda CEO Roger Burnley has expressed his concerns that a ‘hard’ Brexit could have “significant consequences” for food supply and quality. He described the prospect of holdups at the UK border as “scary”, adding: “You’d be eating into the life of products with all sorts of implications for waste, for…
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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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