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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Sep- 2024 -24 September
Frasers Group lowers stake in Currys
Frasers Group has announced that it has lowered its stake in Currys just over a year after making an investment into the retailer. The group has lowered its holdings in the electricals business from 10.9% to 2.8%. The news comes after in June 2023 Frasers had made a “strategic investment”…
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24 September
Represent Clothing turnover hits £80.8m in FY23
Clothing retailer Represent has delivered “exceptional” results for the year ended 31 December 2023, as its turnover increased 67% to £80.8m. Its operating profit-before-tax also increased from £9m in 2022 to £13m in 2023. Meanwhile, the group reported EBITDA of £14.6m, reflecting an increase of £4.8m in the prior year.…
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24 September
Over 150 MPs call on Asda to end equal pay dispute
More than 150 MPs have written to Asda bosses calling for them to end an ongoing equal pay dispute, the GMB Union has said. According to the union, 159 MPs have written to majority owner TDR Capital urging it to settle the legal battle, which has seen “tens of thousands” of…
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23 September
Today’s news in brief-23/9/24
Frasers Group is facing audit issues with two brands, I Saw It First and Choice, revealing significant payroll data discrepancies. Auditors struggled to verify £7m in payments for I Saw It First due to lost data during system transitions. Similarly, Hart Shaw encountered missing crucial information for Choice. These revelations…
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23 September
Seasalt Cornwall appoints new CFO
Seasalt Cornwall has announced the appointment of Louise Couch to the role of chief financial officer, reporting directly to CEO Paul Hayes. Couch, who has gained industry experience from previously working for fast-paced consumer and tech businesses, will also join the executive board and will contribute to the clothing brand’s…
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23 September
Berghaus opens store at Gloucester Quays
Outdoor brand Berghaus has opened its second standalone UK store at Gloucester Quays. The new Berghaus store has opened opposite Adidas, delivering its outdoor-focused philosophy and signature range of performance gear to the South West in a standalone store for the first time. Designed to ensure proper support for outdoor…
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23 September
SGS Group refinances four UK shopping centres
SGS Group has officially refinanced four major shopping centres – Lakeside in Essex, Atria in Watford, Victoria Centre in Nottingham and Braehead in Glasgow – following a £445m loan from OakNorth. The four shopping centres, which are spread across 4.6m sq ft, have a catchment population totalling 9.4m and boast…
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23 September
Oliver Bonas profits fall to £6.8m amid high inflation
Oliver Bonas profits dropped to £6.8m for the year ended 31 December 2023 as the company struggled with growing interest rates and high inflation. Although profit before tax fell 5%, EBITDA rose by 11%. Turnover for the company was also up 18% to £136m. In addition, on the digital side,…
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23 September
Two Frasers Group brands face audit issues amid missing payroll data
Frasers Group has encountered issues with the audits of two of its brands, I Saw It First and Choice, according to reports from This Is Money. Auditors from Cooper Parry working on I Saw It First were unable to verify almost £7m of wages and salary payments. Meanwhile, auditors at…
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23 September
Hugo Boss profits drop to £12.3m in FY23
Hugo Boss has reported a 50% decline in profits to £12.3m and a 39% decrease in operating profit to £19.7m for the year ended 31 December 2023. Its turnover also decreased by 3% during the year to £392m. Retail sales decreased from £206.9m to £204.2m, while wholesale turnover dropped from…
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