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 [...]
US landlords withdraw legal challenge to Arcadia CVA August 27, 2019 Two US landlords have withdrawn their legal challenges to Sir Philip Green’s restructuring plan for his embattled retail empire Arcadia. The businessman has reached an agreement with Vornado, which owns two Topshop stores in New York, and Californian landlord Caruso. Read more: US property firm challenges Arcadia restructuring plans The retail landlords had launched an [...]
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 [...]
Coronavirus: Business rates holiday granted for all retail and leisure firms March 17, 2020 Pub, restaurants and shops will be hoping that emergency measures unveiled by the chancellor this evening, including a business rates holiday for all firms, will be enough to keep the sector afloat through the coronavirus crisis. Rishi Sunak has announced that all retail and hospitality firms will be exempt from paying business rates for 12 [...]
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 [...]
Arcadia COO steps down amid challenging times for retailer September 2, 2019 Arcadia’s chief operating officer has stepped down after more than 25 years with Sir Philip Green’s retail empire. David Shepherd, who took on the operating chief role in 2012 and was previously a director at Topman, retired at the end of last month. Read more: Arcadia denies it is preparing to dismantle brands His departure [...]
Sir Philip Green’s Arcadia reveals huge losses amid CVA controversy September 6, 2019 Arcadia, Sir Philip Green’s high street empire, plunged into huge losses last year before it launched a controversial restructuring drive, new accounts have shown. The group reported an operating loss of £138m for the year ending 1 September 2018, a sharp decline on the £119m operating profit it made the previous year, according to documents [...]
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 [...]
Arcadia denies it is preparing to dismantle brands plans September 1, 2019 Sir Philip Green’s retail empire Arcadia has denied it is preparing to sell off its brands, which include high street retailers Topshop and Dorothy Perkins. Arcadia has reportedly started to separate its centralised functions such as human resources and IT as it prepares to dismantle the group. Read more: US landlords withdraw legal challenge to [...]
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 [...]