Record sales at Republic despite UK’s retail slump

REPUBLIC, the private equity owned clothing chain now run by former Asda chief executive Andy Bond, has achieved record sales despite the slump on the high street.

The accounts for Republic (Retail) show sales rose 4.5 per cent to £181.19m. Operating profit for the year to 30 January fell 7.3 per cent to £27.27m, however, with the firm investing nearly £10m in store openings and upgrades as well as IT and infrastructure.

The chain, which did not return calls, was bought by US private equity house TPG in a £300m deal last year.

Bond joined Republic, based in Leeds near his home, as executive chairman in January despite being linked with a number of top jobs at FTSE 100 firms. He is also executive chairman of Euro Garages, the Blackburn-based forecourt retailer.