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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Jun- 2019 -27 June
Wyevale sells Podington store to Cherry Lane
Wyevale Garden Centres has announced its Podington Garden Centre has been sold to Cherry Lane Garden Centre. The sale is expected to complete by the middle of August, with Wyevale continuing to operate the centre until this date. Cherry Lane also acquired its Barnett Hill Garden Centre in March 2019.…
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27 June
Staff at Sainsbury’s Waltham Point warehouse go on strike
Up to a third of workers at Sainsbury’s largest depot have gone on a 24 hour strike against the company’s decision to change its absence policy. The action was approved last month by members of the Union of Shop, Distributive and Allied Workers (Usdaw), and will run until 6am tomorrow…
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27 June
Bathstore goes into administration putting 500 jobs at risk
Bathroom retailer Bathstore has appointed audit and business advisory firm BDO as administrators as the company attempts to be sold as a going concern. The retailer has 135 stores across the UK and employs 531 staff; it will continue to trade as normal. Ryan Grant, BDO business restructuring partner, said:…
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26 June
Bonmarche asks shareholders to accept Philip Day offer
The board of embattled womenswear retailer Bonmarché has reversed its opposition to Edinburgh Woollen Mill owner Philip Day’s £5.7m offer for the company and has asked shareholders to accept the offer. In an update to shareholders the board explained its change of stance citing “poor” trading during the first quarter…
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26 June
Cash Converters acquires 28 pawn books from The Money Shop
Second hand retailer, Cash Converters, has acquired pawnbroking loan books from The Money Shop, after the instant cash loan company closed a selection of branches across the UK. As part of the deal, Cash Converters have acquired 28 books, which span the breadth of the UK. Nine franchisees have taken…
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26 June
Gear4music swings to almost £600K loss despite sales spike
Music equipment and instrument retailer Gear4music has posted losses before tax of £600,000 for the 13 months ended 31 March 2019. EBITDA also declined to £2.3m during the period, £1.2m lower than 2018. Despite this, revenue increased by 48% to £118m during the period, compared with £80m recorded the previous…
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26 June
New shopping centre to open in old Eurostar terminal
Commercial developer London and Continental Railways (LCR), has announced plans to open a new shopping centre, Waterloo.London based in a former Eurostar terminal. The centre is expected to open in 2021, the 135,000 sq ft development will include 40 retail units, a mezzanine, and public spaces along a new pedestrianised…
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25 June
EWM income rises after acquisitions
Retailer Edinburgh Woollen Mill (EWM) has announced a significant increase in revenue to £936m for the 18-month period to August 2018, compared to the 12-month period to February 2017, which included the purchase of Jaeger after it went into administration. The results, which were published on Companies House, also saw…
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25 June
Carpetright restructure bears fruit amid return to sales growth
Carpetright has reported its business turnaround is “on track” amid an “encouraging return to positive like-for-like sales growth”. The carpet retailer revealed in a trading update for the year ending 27 April 2019, that despite a “challenging first half” with group like-for-like revenues down 12.7%, UK like-for-like sales in the…
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25 June
New Look reports £522m loss amid cost saving efforts
Fashion retailer New Look has reported a statutory loss before tax of £522.2m in its full year results for the 53 Weeks to 30 March 2019. This was compared to the previous year’s loss of £190.2m, however the company said this was “principally driven” by £423.3m goodwill and brand impairment…
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