Posts from February 2023

Montagu Evans makes head of sustainability appointment

8th February 2023

Montagu Evans has appointed Oliver Pye as head of sustainability, reporting directly to managing partner Rob Bower. A chartered environmentalist, Pye will work to set sustainability targets for the firm, which is a member of environmental campaign groups Business Declares and Race to Zero. Pye joins Montagu Evans from ESG (environmental, social and corporate governance) and energy management consultancy EVORA Global, where he worked for six years as a director. He has also previously worked as a senior ESG consultant for ARUP, advising a number of property companies and public sector firms. He is also a member of the Institute of Environmental Management and Assessment. Rob Bower, managing partner at Montagu Evans, said: “Oli’s work will form a golden thread as he drives a strategic approach to sustainability through our planning and development offer. Not only should we, as a business, continuously challenge ourselves to do better across all areas of the ESG continuum, but we must bring the same thinking and commitment to daily engagement on projects and with clients.” Oliver Pye added: “This role presents a huge opportunity to support the firm and its clients on their sustainability journey and to deliver significant positive impact across the full...

News

Frasers completes acquisition of JD brands

8th February 2023

Mike Ashley’s Frasers Group has finalised the acquisition of five fashion labels from JD Sports, after it agreed to purchase a total 15 brands from the sportswear retailer in December. Cricket, Tessuti, Scotts, Giulio, and Choice are now all under the control of Frasers, the owner of brands such as Sports Direct, Flannels, and House of Fraser. The acquisition of Rascal Clothing will no longer go ahead, while the group is expected to make a statement in due course regarding the incorporation of Topgrade Sportswear, the remaining brand of the 15 agreed in the December deal. Frasers has already acquired Base Childrenswear, Clothingsites, Kids Cavern, Missy Empire, Nicholas Deakins, Pretty Green, Prevu Studio, and Watch Shop from JD Sports, who described the brands as “attractive, but non-core”. The transaction was reportedly worth up to £47.5m, although this valuation may have fallen after Rascal Clothing was pulled from the deal. A founder of Rascal Clothing exercised a pre-emption right agreed after JD acquired the brand in 2019, allowing them to purchase the brand outright from JD Sports with first refusal. As a result Rascal Clothing divested from JD Sports on February 6.

News

EV charging launches at Metrocentre

8th February 2023

Metrocentre in Gateshead has launched 56 electric vehicle (EV) charging stations across three car parks, following a half a million pound investment from EV charging operator Zest. The deal is the second between Zest and Sovereign Centros, after 64 charging slots were launched at Merry Hill last year. The majority of the stations will house fast chargers, which are designed to fill up a battery in a couple of hours, in line with the average time spent at the scheme. Rapid chargers will also be available for visitors in a hurry. According to research from business consultancy CACI, over two-thirds of those who intend to purchase electric vehicles said they would visit retailers and businesses more frequently if provided with the right charging facilities. Robin Heap, chief executive officer of Zest, said: “In the future we’ll just charge where we park, as part of our normal routine. Retail and leisure destinations that provide the right EV facilities first, as new habits are being formed, are those that will thrive in the migration to EV.” Zest provides electric vehicle charging services retailers and local authorities. Its projects are backed by the Government’s Charging Infrastructure Investment Fund.

Deals News

German beer hall set for Covent Garden expansion

7th February 2023

Bierschenke is set to bring its Bavarian influence to a second London site as it prepares to launch a new site in Covent Garden. The bierkeller operator has taken a 12,000 sq ft grade two-listed Victorian building on the former Belgo Centraal site on Earlham Street, opposite the new £73m Guinness microbrewery expected to open in the Autumn. The venue is due to open in the spring and will join the concept’s other site in the Capital on Blomfield Street, behind Liverpool Street Station. A Bierschenke previously opened in Tower Hill in 2019, however closed due to the Pandemic. Patrons of the beer hall can expect Oktoberfest events with staff wearing traditional German clothing. Andrew Robinson of A3 A4 Licensed Property acquired the site for Bierschenke, while Alex Mann of Hanover Green represented landlords CBRE.

Deals

Gousto cuts valuation after raising tens of millions in funding

7th February 2023

Meal-kit delivery service Gousto has reportedly reduced its valuation after raising millions of pounds in funding in a bid to weather a difficult period for the business. The Joe Wicks-backed service tapped its existing investors for £50m via a share sale, Sky News has reported. The unpublicised funding round came at a “significant discount” to the $1.7bn valuation it held when raising funds only a year ago, according to sources close to the company. The subscription-based recipe box business was founded in 2012 by two former investment bankers, Timo Boldt and James Carter. Gousto saw a fruitful period during the Pandemic, which saw its revenue increase from £83m to £189m in the 2020 financial year. One of the business’s investors, SoftBank, invested a significant amount which saw Gousto become valued at over $1bn in November 2020. It also received investment from Unilever, Fidelity International, Railpen, and Grosvenor. A primary fundraising of $100m in January 2022 was then followed by a secondary share placing of $230m, which allowed investors to reduce their stake. SoftBank is likely to be facing a loss on its initial investment. Shareholders are soon expected to receive a formal update from the company.

News

Bankside aparthotel switches hands for £40m

7th February 2023

Family-owned Jastar Capital has purchased a south London aparthotel from Create REIT for a fee of over £40m. The 75-unit Native Bankside at Empire Warehouse, 1 Bear Gardens, will remain under the management of Native Places, who manage six aparthotels in London, Manchester, Glasgow, and Edinburgh. Jastar Capital’s other recent acquisitions include the Elvetham Hotel, The Winchester Hotel and Spa, and Wardrobbe Court. Aparthotels bridge the gap between residential spaces and hotels, providing an apartment-style complex with hotel-type services and booking systems. Native Bankside is the first aparthotel in the UK to achieve a BREEAM Excellent rating. Guy Nixon, founder and chief executive of Native Places, said: “Aparthotels are a safer haven than traditional hotels, partly because customers stay for longer periods, resulting in lower turnover and servicing costs, which in turn creates a leaner cost structure, delivering stronger profit margins for investors.” Adynaton advised Jastar Capital, Savills advised Create REIT.

Deals News

Retail sales below inflation but leisure showing resilience

7th February 2023

Consumer spending continued to remain below inflation in January, although the leisure sector proved resilient with better-than-expected results. The data from the British Retail Consortium (BRC) and KPMG showed spending rose by 4.2% in January, compared to an increase of 9.7% in an Omicron-marred 2022. Both these numbers were below the rate of inflation, however, which was as high as 10.5% in December. The BRC’s retail sales monitor warned that increasing cost of living is likely to lead to lower rates of discretionary spending. Helen Dickenson OBE, chief executive of the BRC, said: “As Christmas cheer subsided, retailers felt the January blues as sales growth slowed. Many retailers discounted heavily to entice consumer spend, and while there were bargains to be had in the January sales, retailers continue to be hit by lower margins and falling volumes.” “The coming months will continue to be challenging for retailers and their customers. Consumer confidence remains stubbornly low and looming rises in household bills and mortgages mean discretionary spending will remain weak”, she continued. However, the leisure sector remained buoyant. Further data from Barclays revealed that pubs, clubs and bars saw an increase in sales of 18%, their best increase since May 2022,...

Insights News

TSB piloting pop-up pods in three shopping centres

7th February 2023

TSB will open more pop-up pods in three shopping centres to help customers affected by bank closures. The pods will open in Wigan and Wood Green, north London, this week with a third set to open in Luton in the spring. The bank hopes that the new system will aid customers in more rural and remote areas. Increasing numbers of high street banks are closing, with HSBC describing online banking as “the norm”. The pods are semi-permanent structures with a check-in area and private meeting spaces. They will also offer facilities for cash withdrawal and, in the coming months, cash deposits. In Wigan and Luton, the pods will be replacing existing TSB branches while Wood Green is a new location for the bank. The three new pods come in addition to the already existing 43 sites across the country which have been rolled-out since 2021. Gary Jones, customer delivery director at TSB, said: “Many of our customers are banking differently and we see both an increase in their use of technology and in customers seeking help to do their banking in more convenient ways.”

News

Australian gym franchise targeting 150 UK sites

7th February 2023

Body Fit Training (BFT) have said they are looking to open 150 sites in the UK by 2026, as it lines up its more openings in the country. The Australian franchise has more than 300 gyms worldwide and opened its first UK site in Leicester last September, with a second opening on February 18 opposite Battersea Power Station. The group is set to then launch three more in south west London in the coming months. BFT was founded in 2017 and has operated via a franchise model since 2018. The group, which operates 200 gyms in its home country Australia, has a target of opening 1,000 sites globally. Franchisee Charlie Hendry, who is launching the Battersea site, said the gym would be the “first of many” opening in within the next three years in south west London.

News

Victorian Plumbing announces CFO succession

7th February 2023

Online specialist bathroom retailer Victorian Plumbing has appointed a new chief financial officer (CFO), following the resignation of Paul Meehan. Meehan will step down at the end of March to pursue other opportunities, the retailer said. Daniel Barton, who is currently director of finance at Victorian Plumbing, will succeed Meehan on April 1. Barton has been at the retailer since August 2022, joining from global legal services firm DWF, where he worked as deputy CFO for three years. Barton has also previously held the roles of deputy CFO and company secretary at Wilmington, having qualified as a chartered accountant from PricewaterhouseCoopers. Mark Radcliffe, founder & CEO of Victorian Plumbing, said: “[Barton] has worked alongside Paul [Meehan] since last year and has already made a significant contribution to the finance function and the wider group and the board are confident that he is the right person to succeed Paul as CFO.”

News

Crew Clothing looking to open 40 stores in three years

6th February 2023

Crew Clothing says it is aiming to open 40 stores by 2025, with a focus on coastal resorts and market towns, adding that the high street is “by no means dead”. In conversation with The Times, the lifestyle brand’s CEO David Butler said: “We have to react to customer behaviour and there is plenty of evidence to suggest that people are shopping in stores again. Our footfall is back to pre-pandemic levels.” “It’s why Marks & Spencer is investing in stores”. M&S plans to open 20 new stores with a £480m investment. Further details are expected to emerge in the near future regarding the plans. The retailer currently operates 101 shops across the UK and Ireland.

News

M&Co closing all stores after administration rescue

6th February 2023

Scottish clothing retailer M&Co is set to close all of its 170 stores this spring with the loss of almost 2,000 jobs, following its purchase out of administration. AK Retail Holdings saved the retailer’s brand but did not purchase its stores, meaning M&Co’s shops will close this Easter. Global advisory firm Teneo was appointed by M&Co in December of last year, the second time the company has gone into administration in three years, after closing 47 stores in 2020. M&Co was established in Paisly, Renfrewshire in 1834 as Mackays, before rebranding in 2005. News of the closures broke through Facebook posts from branches across the UK, which began: “Unfortunately we haven’t received the news we would have hoped for during our administration period, and would like to share this news with you. “As we haven’t received any funded, deliverable offers that would result in the transfer of the company’s stores or staff to a potential buyer, this means that all of our stores will close.” Ewan McDonald-Russell, deputy head of the Scottish Retail Consortium, said: “This sad news reaffirms the need for government to think very carefully before heaping any additional burdens on Scotland’s hard-pressed retail industry. “It also underlines...

News

Cardiff’s Queens Arcade goes into receivership

6th February 2023

Cardiff shopping centre Queens Arcade has been placed into property receivership, after its previous owner breached banking agreements. The 140,000 sq ft scheme, one of Wales’ best known shopping centres, has been badly affected by a dip in footfall and lower rental income. Property receivership is a court-appointed method of assisting creditors with recovering debts and can help companies avoid bankruptcy. Addington Capital is the current asset manager of the scheme, while Savills’ Matthew Nagle and Kevin Mersh have been appointed as joint fixed charge receivers. Addington and Savills will work to recover some of the losses made since rental income began to fall in the 1990s, with the shopping centre now having to compete with the nearby St David’s Shopping Centre. Existing tenants at the scheme would be unaffected by the receivership. In 2021, Addington Capital revealed plans to demolish the shopping centre to make way for a mixed-use development. The proposals received positive feedback from both the council and local residents. It is now searching along with Savills for a developer to help accelerate plans for the mixed-use scheme, with developments expected to cost around £100m.

News

Mike Ashley’s Frasers Group in £100m bid for two shopping centres

6th February 2023

Mike Ashley is lining up deals for two shopping centres in a bid worth £100m, The Times has reported. The schemes under offer are The Mall in Luton and the Overgate centre in Dundee, with reported prices of £70m and £30m respectively. The Mall has been put up for sale by owners Wells Fargo, which has taken over the site from its previous owner Capital & Regional. The group already operates a Sports Direct store within the scheme and is reportedly looking to convert the former Debenhams site into outlets for Frasers-owned brands. The Overgate Centre is currently owned by Legal & General, who purchased the site from Landsec for £125m nine years ago. The group has made a series of acquisitions in the last year, having recently acquired a stake in Hugo Boss, snapping up a number of brands from JD Sports, as well as Missguided, I saw It First, Amara, and Gieves & Hawkes, amongst others. In December, Completely Retail News reported that the Group was poised to purchase Almondvale West Retail Park in Livingston. Mike Ashley is reportedly still negotiating prices and is unsure if the deals will be completed.

News

Start-up initiative winner opens at Seven Dials

6th February 2023

The winner of Shaftesbury’s ‘Start Up With Seven Dials‘ incubator initiative has launched its debut store, running until June 2023. Kati Kaia, named after its founder, will open at 9-11 Shorts Garden and will offer unique recycled yoga mats, meditation kits and wellbeing accessories. The start-up follows three other winners of the initiative, after biodegradable tights brand Billi London, Caribbean-inspired brand Tihara Smith, and homeware store Olive Jennings, all businesses led by female entrepreneurs. The opening of Kati Kaia follows the recent launches of two sustainable fashion brands within Seven Dials, with Meander Apparel and Rakha both arriving in December. Samantha Bain-Mollison, retail director at Shaftesbury, said: “Having launched this initiative post-pandemic to support independent brands, Kati Kaia’s creative, eco-conscious and inspiring products stood out and her brand ethos is also reflective of our own at Shaftesbury. Kati is a fantastic ambassador for Seven Dials and a great addition to the community.” Hanover Green, Nash Bond and Cushman & Wakefield represent Seven Dials. Kati Kaia dealt direct.

Deals

TAG Heuer set for Birmingham debut at the Bullring

6th February 2023

Hammerson has announced that luxury watch retailer TAG Heuer will be making its Birmingham debut at Bullring & Grand Central. The 1,400 sq ft boutique will be located on the Bullring’s upper level opposite Sky and Breitling, and will be the brand’s first location to feature a new creative design concept. This follows recent news that Hammerson plans to convert 200,000 sq ft of past retail space into offices at Grand Central. Hammerson has also recently announced the signings of Sandbox VR, Lane7, and TOCA Social to the scheme, with JD Sports also set to unveil its upsized store this Summer. Toby Tait, director of asset management at Hammerson, said: “TAG Heuer’s new Birmingham boutique will further enhance Bullring’s line-up of luxury watch and jewellery retailers, a category which continues to perform well. This is just the type of international brand our customers have now come to expect as we continue to curate a real mix of high end, experience-led and innovative brands and concepts.”

Deals News

Manière De Vior set to launch first physical store

6th February 2023

Online fashion retailer Manière De Vior is set to open its first ever physical store at Hines’ mixed-use development above Bond Street Station. The retailer has signed a 10-year lease for 5,189 sq ft of space at Oxbourne House, 354 Oxford Street. The site has been redeveloped by Hines following its acquisition from Transport for London in 2018. Manière De Voir was founded in 2013 by Reece Wabara, a professional footballer who has played for the England under-20 team, Manchester City, and Bolton Wanderers. Hines says the retailer generates revenue in excess of £30m annually. Emme Batten, director of asset management at Hines UK, said: “Oxford Street continues to be one of the most iconic, popular streets in London and Oxbourne House represents a fantastic addition to the area.” “Manière De Voir’s decision to call Oxbourne House home is testament to the Capital’s strength as a retail destination”, she added. Wabara said he believes the balance between online and physical retail space is key to growing and solidifying a brand that stands the test of time. Fletcher Priest is the project’s architect. Hines was advised by leasing agents Savills and Colliers.

Deals News

Savills appointed for theme park’s debut UK location

3rd February 2023

Savills has been instructed by theme park operator Puy De Fou as it looks to open its first site in the United Kingdom. The historical theme park concept, which already has two sites in France and Spain, is looking for a space up to 400 acres in size in the central England area. Created in 1977, Puy De Fou has become France’s second-most visited theme park, and aims to transport visitors through the past through a variety of rides, shows, and experiences. The theme park operator is looking to expand globally, with the UK a prime target due to its rich history and heritage. Ian Simpson, head of the leisure and trade-related team at Savills, said: “In recent years we have seen the popularity of experiential and immersive visitor attractions grow in the UK and with the UK’s extensive history, this will add a unique experience for the British public.”

News

Trump’s Scottish golf courses blame Brexit for nearly £15m loss

3rd February 2023

The parent group of Donald Trump’s Scottish golf courses has blamed the effects of Brexit for a year of poor trading in 2021 which saw the group’s losses nearly treble to almost £15m. Eric Trump, director of Golf Recreation Scotland and son of the former president, cited a break in supply chains and an inability to access labour as a result of Brexit as a reason for poorer trading. President Trump was a prominent advocate for the United Kingdom’s exit from the European Union in the run up to the 2016 referendum. The Eric Trump’s statement also highlighted the impact of COVID-19 and subsequent government sanctions which led to the closure of the golf courses for a three-month period, although said that once the sites were able to reopen trading has since returned to pre-Pandemic levels. Despite the overall losses for the group in the year ending December 31 2021, trading at the flagship Turnberry resort returned to 2019 levels. Eric Trump said that ownership of the site “remains fully committed to the resort and future plans are set to enhance the resort further.”

News

Soho Tesco could be knocked down if Hines office plans passed

3rd February 2023

A Tesco Express on Dean Street in Soho could be demolished to make way for a new nine-storey office block. Plans submitted by Hines to Westminster City Council would see the supermarket at 2-4 Dean Street replaced by around 78,000 sq ft of office space, with two Class E Units at ground level for commercial use. The £100 million proposals also include designs for terrace spaces on the fifth, sixth and roof levels. Hines’ plans, designed by architectural firm Orms, also outlines blueprints for a publicly accessible, double height “Soho Bazaar” at ground floor level, with access through an entrance on Dean Street. The proposals have been submitted following a number of pre-application meetings with the local authority as well as a series of public consultations. The site was developed in the late 17th Century although the building itself was constructed in 1929, and importantly in the case of the planning application, is not listed. Hines originally acquired the site in 2020. The target date for a decision is March 2023, and if approved, work is expected to begin in the summer.

News

Filter by Categories