A Week on the High Street - August 7th

07 August 2019 by Local Data Company

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LEISURE
Wrapchic, the fusion fast-food chain founded by Mahesh Raikarin 2012, has been bought out of administration in what is understood to be a pre-packaged deal.  At their peak the company operated 27 sites across the UK, but it is understood that there have been issues with some of its franchised sites.

 

Baked potato specialist Spudulike has closed all 37 of its sites after a prospective buyer withdrew from a pre-packaged administration deal at the last minute. Following the rejection of the CVA by Spudulike’s creditors and the attempts to sell all or parts of the business failing, all the group’s outlets were closed and all 298 employees made redundant with immediate effect on Friday.

 

RETAIL
In a deal worth £18.2m, online fashion retailer Boohoo has bought the online divisions of Karen Millen and Coast brands but not their physical stores. There have been 62 immediate redundancies from the total workforce of 1,100. The 32 stores and 177 concessions will continue to trade whilst stock is sold before closing down, and the international arm will continue to trade ‘in the short term’. 

 

Mike Ashley’s Sports Direct has secured the acquisition of clothing retailer Jack Wills for £12.75m. All 100 stores in the UK and Ireland, including the distribution centre, will transfer to Sports Direct along with all 1,700 employees.  Jack Wills will form part of the new division established at Sports Direct that will focus solely on buying and building fashion and sports brands.  At time of writing the directors were assessing their options for the international arm, which trades in the US, Hong Kong, Singapore, Kuwait, Saudia Arabia and online to 130 countries.

 

Big 4 retailer Tesco has announced 4,500 job cuts mostly from 153 midsize Tesco Metro stores.  Jobs at the smaller Tesco Express stores and larger superstores will also be targeted as the retailer seeks to simplify its operations. 

 

US Investment house Fortress has confirmed they plan to purchase British wine retailer, Majestic.  The purchase will include the company’s stores, website, headquarters and on-trade and French divisions. Majestic has been trading since 1980 and sells over 37 million bottles of wine, spirits and beer each year with a turnover of over £300m last year.

 

PROPERTY 
The former House of Fraser store located at 68 King William Street in London has been acquired in a joint venture by Ares Management Corporation and Black Mountain Partners. The 97,538 sq ft building will be fully refurbished and transformed into a mixed-use asset. It is understood historic restaurant The Wolseley will open on the ground floor, PureGym and Spaces have let space on the upper floors, but the openings are still subject to planning approval.

 

The Crown Estate has opened two new phases of its Rushden Lakes development in Northamptonshire. The 154,000 sq ft leisure and dining West Terrace will open with a 14-screen Cineworld alongside leisure brands Rock Up, Paradise Golf, 360 Play as well as restaurants Nando’s, Five Guys, Zizzi and Heavenly Desserts. The Garden Square is a 17,500 sq ft boutique retail extension that will have units, including Beaverbrooks, Sketchers and Barbour, around a public square.

 

Specialist retail and leisure developer, BoxPark, has announced plans to expand nationwide with ten new sites and two new concepts over the next five years. BoxOffice will be a co-working space that will be incorporated into the new BoxPark sites and BoxHall will be smaller food and beverage destinations within city centres featuring between six and twelve street food vendors per site.

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