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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Mar- 2024 -12 March
Matalan fell to £100m loss before takeover, filings reveal
Matalan fell to a pre-tax loss of £103.4m in FY23, widening from a £7m loss the prior period, in a year that saw the group rescued by a group of investors. According to newly-filed accounts with Companies House, EBITDA fell to £124.1m in the year ended 25 February 2023, down…
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12 March
Hype co-founders resign
Leicester-based streetwear brand Hype has announced the departure of co-founders Liam Green and Bav Samani less than a year after its pre-pack rescue. Hype entered into administration on 31 March 2023 due to falling sales and tackling excess stock post-Covid. Carl Jackson and Kelly Mitchell of Quantuma Advisory were appointed…
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11 March
Today’s news in brief-11/3/24
Doug Putman, the owner of HMV, is reportedly contemplating a bid to acquire The Body Shop from its administrators. The Body Shop has encountered financial difficulties, including filing for bankruptcy in the US and Canada. This move follows the closure of numerous stores and job losses. Private equity firm Aurelius…
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11 March
UK footfall bounces back by 6.6% due to Mother’s Day weekend
MRI Software announced that the lead up to Mother’s Day and the peak Easter trading period significantly boosted week-on-week footfall across all UK retail destinations as footfall climbed by 6.6%. High streets led the charge with activity rising by 7.9% while shopping centres and retail parks also witnessed rises in…
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11 March
Charles Clinkard sales rise 7% in 2023
Footwear retailer Charles Clinkard has announced that overall sales rose by 7% in 2023 compared with the previous year. This success has allowed the business to invest even further into the high street, with a £350k investment into a full refurbishment of its Bristol store last month and an additional…
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11 March
Retail sector launches nationwide recruitment drive for women coders
Retail giants Unilever, Tesco Bank and Dunnhumby have announced that they are strengthening their efforts to recruit more women coders into the retail sector. The companies join other big names including NatWest, GCHQ and Just-Eat in partnering with Code First Girls, which works with over 150 companies in the UK…
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11 March
Matalan unveils five new senior leadership appointments
Matalan, the fashion and homeware omnichannel value retailer, has announced the appointment of five new leaders as it continues its business transformation. The retailer has appointed a new director of online, David Seeby, to drive forward its e-commerce offer, harnessing new technology to build a best-in-class omnichannel experience for Matalan’s…
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11 March
Golden Goose revenues rise 18% in FY23
Italian shoe brand Golden Goose has experienced an 18% rise in net revenues to €587m (£500m) for the year ended 31 December 2023 ahead of its IPO this year. During 2023, the group reported that adjusted EBITDA stood at €200m (£170m), spelling an increase of 19% on FY22. The retailer…
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11 March
Elliott ditches Currys takeover plans
Elliott Management has abandoned plans to buy Currys after claiming that “multiple” attempts to engage with the company’s board were “rejected”. The US investment group initially offered to buy Currys for 62p per share before raising the offer to 67p last month. Currys said the proposals “significantly” undervalued the group,…
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11 March
Currys appoints Octavia Morley as non-executive director
Currys has announced the appointment of Octavia Morley as a non-executive director and a member of the company’s Remuneration, ESG and Nominations Committees with effect from 1 April 2024. The group has also announced that Tony DeNunzio, senior independent director, will step down as a director on 25 April 2024…
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