February 10, 2021
Online fashion retailer Boohoo has purchased most of the remaining Arcadia brands; Dorothy Perkins, Wallis and Burton, in yet another deal which does not include the estate of stores. A spokesperson for Boohoo told the BBC "Acquiring these well-known brands in British fashion out of administration ensures their heritage is sustained, while our investment aims to transform them into brands that are fit for the current market environment," said chief executive John Lyttle."We have a successful track record of integrating British heritage fashion brands onto our proven multi-brand platform, and we are looking forward to bringing these brands on board."
Bosses from 18 retailers have come together to send a letter to chancellor Rishi Sunak, asking him for a “fundamental reform of business rates” in order to save the high street and support the recovery post covid. The letter says: “While we recognise the importance of business rates to the public finances, the current system is not sustainable in the long term and without reform shops at the heart of communities will be at risk.”
Fashion retailer French Connection is reportedly considering selling after approaches from two companies: Spotlight and Go Global Retail. The retailer has been struggling for the past few years and the pandemic has exacerbated any problems. The business is valued at £15.2m.
EG Group will buy Asda’s petrol forecourts in a deal which is yet to be reviewed by the CMA. The deal includes filling stations, car washes and ancillary land. The sites will remain branded as Asda.
Dune London has launched a CVA in a bid to move towards turnover based rents for its estate of standalone stores. Founder and boss Daniel Rubin said in a statement “Before Covid-19 hit, the business was trading robustly, but the resulting lockdowns have had, and continue to have, a severe financial impact.”
Creams is looking for franchisees to expand the dessert parlour brand across the Midlands, the North and Scotland. Co-Founder Adam Mani said in a statement: Whilst we continue to grow the brand in London and the South ourselves and with our franchise partners, we have identified numerous national opportunities in the Midland, North and Scotland which will be enabled predominantly, although not exclusively by working with franchise partners.”
Big Table Group, who operate Bella Italia, Las Iguanas and Café Rouge has agreed a 6 year deal with leisure park brand Centre Parcs to refurbish restaurants across its sites with the introduction of a new Italian dining concept called Amalfi.
22 Prezzo sites will close as the casual dining business was bought out of administration by investor Cain International. Jonathan Goldstein, Chief Executive of Cain said in a statement: ““The lack of visibility on when and how the sector will reopen has heightened economic uncertainty to the point where decisive action had to be taken to secure the future of the business and the majority of jobs for Prezzo’s people. We are deeply sorry for all those affected by the permanent closure of the 22 non-viable restaurants. It was a difficult but essential decision to take, but doing so will allow us to save thousands of jobs and create more in the future.”
Tristan Capital Partners has started selling off its shopping centre assets, starting with three in Cornwall, Burnley and Cardiff as these assets are hit hard by the impact of COVID-19.
Retail rent collection in Q1 has fallen compared to the previous quarter, according to research from remit consulting. It reported that just 45.9% of rents had been collected from high street retailers and 31.6% had been collected from pubs, bars and restaurants.
Openings and closures
Independent wine specialist, 28º–50º is opening on the King’s Road, London; Grosvenor has announced the signing of South East Asian bar and brasserie, Mamasan, at Liverpool ONE. The premium concept, which focuses on elevated dining, drinks and music, has signed for a 6,875sq ft space.