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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Apr- 2024 -25 April
Getir investors injects more cash to fund UK and Europe exit
Getir investors are reportedly set to inject more funds into the company to terminate its operations in the UK and Europe, according to Sky News. The company shareholders have drawn up provisional plans to pump tens of millions of pounds more into Getir in the coming weeks. According to sources…
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25 April
Matchesfashion creditors owed £36m following collapse
Burberry, Gucci and Prada are among the creditors owed £36m following the collapse of Matchesfashion last month, the FT has revealed. The luxury brands are among more than 500 creditors to Matches, which was bought by Mike Ashley’s Fraser Group in December. Administrators at Teneo revealed that the creditors are…
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25 April
WH Smith revenues rise 8% in H1 amid travel boost
WH Smith has reported that total revenues rose 8% to £926m in the six months ending 29 February, largely boosted by sales in its travel division, which rose by 13%. Although high street trading profits dipped to £22m, down from £24m last year, travel profits rose from £47m to £50m. …
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25 April
Asda’s credit rating upgraded amid strong FY results
Asda has welcomed Moody’s upgrade of the company’s corporate rating to B1 from B2, following a strong financial performance in FY23.It comes as full-year profits soared by 24% to £1.078bn, largely driven by a like-for-like sales growth of 5.4%, and the impact of strategic acquisitions. Moody’s attributed the upgrade to…
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24 April
Today’s news in brief-24/4/24
Bérangère Michel, the executive director of finance for the John Lewis Partnership, is resigning after 16 years with the company. She is leaving to explore new career opportunities, having played a vital role in enhancing the business’s financial performance. Her departure prompts a recruitment process for her replacement, expected to…
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24 April
M&S to trial free postal donation service for pre-loved clothing
M&S will be trialling a new postal donation service in partnership with Oxfam, and will be accepting unwearable and wearable clothing donations. The trial comes as UK homes reportedly contain an estimated 1.6 billion items of unworn clothing which have the potential to be used, reused or recycled. According to…
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24 April
Primark appoints three to advisory board
Primark has appointed Martin Brok, Sona Chawla and Christophe Roussel to its advisory board, according to sources. The trio will work alongside Paul Marchant, Primark CEO and outgoing finance director John Bason. The news follows Associated British Foods announcement of Bason’s departure and the launch of a “newly constituted” strategic…
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24 April
JD Sports reopens flagship shop in Westfield Stratford
JD Sports has announced the reopening of its flagship store in Westfield Stratford City London. The improved store, which opened its doors on Saturday (20 April), features over 4,000 sq ft of additional space compared to the previous Stratford store. Complete with a digital uplift spanning across two floors, the…
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24 April
Pret co-founder returns amid board shakeup
Pret a Manger has announced that its co-founder Sinclair Beecham will return to the company in an advisory role as it reshuffles the makeup of its board. Olivier Goudet, who has been chairman since JAB’s acquisition in 2018, will step down and be replaced by his colleague Konrad Meyer. Meyer…
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24 April
Dobbies appoints new board advisor for its restaurant business
Dobbies, the UK’s garden centre retailer, has appointed hospitality professional Robert Cook as a board advisor to support the strategic development of its restaurant business. Cook has led a number of the UK’s hospitality and leisure businesses including TGI Fridays, Malmaison and Hotel du Vin, and Virgin Active. Dobbies has…
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