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- 2022 -19 October
Asos profits plunge 105% as group outlines turnaround strategy
Asos has seen its profits plummet 105% to a loss of £9.8m in its latest full-year results, down from profits of £190.1m, as customers reigned in their spending amid the cost of living crisis. The group noted consumer behaviour underwent a “marked change” from April 2022 when consumers faced accelerating…
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18 October
Greggs wins initial ruling in £150m Covid insurance case
Greggs has reportedly won a landmark ruling in the high court that supports its case to claim more than £150m on an insurance policy that was triggered by the Covid-19 pandemic. According to The Times, a High Court judge has backed the majority of Greggs’ claims of business interruptions caused…
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18 October
Sosandar revenues soar 72% in H1
Sosandar has delivered a strong performance in the first half of the year, with revenues soaring 72% to £20.9m as the group benefited from its “strategy, unique product offering and increasing brand awareness”. According to the online fashion retailer, trading throughout the period has been strong, with the group welcoming…
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18 October
SoftBank offloads THG stake to founder Matt Moulding
Tokyo-based investment management company, Softbank Group, has reportedly offloaded its entire stake in the UK ecommerce company THG, after its co-founder and chief executive, Matt Moulding, agreed to buy the remaining 12.8m shares. The news follows Softbank’s decision to liquidate its internal hedge fund after the company bought an 8%…
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18 October
Bensons for Beds buys Eve Sleep out of administration
Bensons for Beds has purchased the Eve Sleep brand for an undisclosed sum after the business entered administration yesterday (17 October). Under the transaction, Bensons will acquire Eve Sleep’s intellectual property, the evesleep.co.uk website and all creative, content and communication assets. Bensons intends to retain Eve Sleep as a standalone…
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18 October
Matalan secures 6 month extension to £350m debt repayment
Matalan has announced that it has secured a deadline extension for its £350m debt repayment. The company revealed the original date of January 2023 has been pushed back to July 2023, after over 90% of the holders of its 6¾% first lien secured notes of £350m due in January 2023…
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17 October
Chancellor reverses almost all mini-budget tax cuts
Newly appointed chancellor Jeremy Hunt has reversed almost all of the mini-budget commitments made by previous chancellor Kwasi Kwarteng last month, in a statement made at the Treasury today (17 October). He confirmed the basic rate of income tax will remain at 20% “indefinitely” until the economic situation stabilises, marking…
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17 October
Footfall increases marginally as city centre workers return to office
Footfall across UK retail destinations rose marginally by +0.8% last week from the week before as performance was boosted by the return of office workers in city centres, according to the latest data from Springboard. The rise in footfall of +1.6% in high streets from the week before was predominantly…
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17 October
JD Sports increases stake in Deporvillage to 98%
JD Sports has announced the acquisition of an additional 18% holdings in the shares in sports equipment retailer, Deporvillage SL, for €19.8m (£17.1m). The sale was conducted by Iberian Sports Retail Group, JD’s Spanish holding company, from Xavier Pladellorens and Àngel Corcuera (co-founders). Following the transaction, ISRG now owns…
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17 October
Asos enters final stages of financial amendment
Online fashion retailer Asos has said it is in the final stages of agreeing an amendment to the future financial covenants in its revolving credit facility. It comes after Sky News reported that banks including Barclays, HSBC and Lloyds Banking Group were lining up AlixPartners and law firm Clifford Chance…
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