Retail landlord Intu to seek £1bn of emergency cash January 19, 2020 Shopping centre landlord Intu is preparing to launch an attempt to raise £1bn in emergency funding following a torrid year for the UK retail industry. The property firm, which owns Manchester’s Trafford Centre, has been hurt by the challenges facing the retail industry, as brands such as Topshop, Debenhams and House of Fraser have closed [...]
Karren Brady says feminist principles ‘didn’t square’ with Sir Philip Green allegations January 15, 2020 Baroness Karren Brady said quit the board of Arcadia’s holding company as her feminist principles did not “square” with allegations about retail tycoon Philip Green. Brady stepped down as non-executive chairman of Taveta Investments last February as Green faced allegations of harassment and bullying, which he denies. Read more: Karren Brady and a lesson on [...]
Ex-BHS owner Dominic Chappell ordered to pay £9.5m into pension scheme January 14, 2020 Former BHS owner Dominic Chappell has been ordered to pay £9.5m into the collapsed department store’s pension schemes. The Pensions Regulator (TPR) announced today that Chappell’s acquisition of BHS, the appointment of inexperienced board members and the implementation of an “inadequate” business plan were detrimental to the company’s pension schemes. Read more: BHS buyer Chappell [...]
Topshop boss Sir Philip Green bags £310m loan for Oxford Street store December 13, 2019 Sir Philip Green has bagged a £310m deal to remortgage the flagship Topshop store on Oxford Street, securing the future of a crucial asset in his struggling retail empire. Topshop parent company Arcadia Group today said it had completed a four-year refinancing deal with US investment giant Apollo Management. Read more: Sir Philip Green’s Arcadia [...]
High street retailers urged to offer opt-out option for ‘buy now, pay later’ plans December 3, 2019 High street retailers have been urged to allow shoppers to opt-out of being shown “buy now, pay later” options, over concerns that the easily accessible credit could push vulnerable people into unaffordable debt. The Money and Mental Health Policy Institute, an initiative set up by personal finance guru Martin Lewis, said retailers should “help people [...]
Concerns mount over councils buying struggling retail properties November 24, 2019 The Treasury has attempted to guide local authorities away from a strategy of buying struggling retail properties over fears that the investments could force councils into bankruptcy. The rate at which local councils are able to borrow to invest was raised by one percentage point last week, as concerns mount over borrowing levels. Read more: [...]
Sir Philip Green’s Arcadia confirms new chairman November 21, 2019 Sir Philip Green’s fashion group Arcadia confirmed this morning that it has appointed the former boss of the De Vere hotel and leisure group as its new chairman. The embattled retail firm has drafted in Andrew Coppel, who currently sits on the board of housebuilder MJ Gleeson. Read more: Hammerson continues retail property spree Coppel [...]
Mike Ashley demands landlords link rent to sales November 17, 2019 Retail tycoon Mike Ashley, the founder of Sports Direct, has demanded that new rent deals are tied to sales across his high street empire. Ashley has reportedly asked landlords to agree to turnover rents, where up to 15 per cent of the rent payable is linked to in-store sales. Read more: Sports Direct ends two [...]
Landsec swings to first-half loss after retail property values plunge November 12, 2019 Landsec swung to a pre-tax loss in the first half of the year after the value of its retail and leisure assets suffered in an increasingly challenging market for tenants. The figures The company reported a pre-tax loss of £147m, compared to a profit of £42m the previous year, resulting in a loss per share [...]
Arcadia bolsters senior digital team in online sales push November 6, 2019 Sir Philip Green’s Arcadia has bolstered its digital team with three new senior hires, as the embattled retail group seeks to improve online sales as its physical stores continue to struggle. Arcadia, which owns high street brands such as Topshop and Dorothy Perkins, has created a new role – group chief digital officer – as [...]