Posts from June 2023

Investment promised for country hotel which saw owners go bust twice

30th June 2023

The new owners of a historic hotel and estate near Warwick have promised a major overhaul for the property, which has seen its owners fall into administration twice since 2019. Wroxall Abbey Hotel, which was once home to St Paul’s Cathedral architect Sir Christopher Wren, is set to receive an investment which will see the development of a spa and health club, a renovation of the 1800s-era courtyard building, and an additional 24 bedrooms. The site, parts of which date back to the 12th century, is currently home to 73 bedrooms, six conference rooms, a bar and restaurant, and a patio garden. The hotel closed in October 2019 but was subsequently reopened by Trinity Hotel after refurbishment works in summer 2021. Following the COVID-19 pandemic the venue struggled to recover and its owners fell into administration in July 2022. It then reopened following a takeover by its current owners, family-run ONS International, in autumn of last year. Since reopening, the hotel has acquired a wedding licence, reopened the 14th-century church on the grounds, and launched afternoon tea and Sunday menus. Director of ONS International, Paresh Thakkar, said: “We acknowledge the rich history of Wroxall Abbey and understand its significant importance...

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H&M sees better-than-expected results

30th June 2023

H&M has recorded better-than-expected results for the first half of its financial year. Between 1 December 2022 and 31 May 2023, the retailer’s group net sales increased by 9% to 112bn Swedish krona (SEK)(£8.16bn), up from SEK 104bn (£7.57m) the previous year. H&M’s profit after tax was SEK 3,8bn (£0.28bn), down on the previous year’s result of 3,9bn SEK (£0.28bn), but ahead of expectations. H&M, whose other brands include, Monki, Arket, and H&M Home, saw its net sales increase by 6% to SEK 57.6bn (£4.19bn) from 54.5bn (£3.97bn) in the first quarter (March onwards), but said that in local currencies, net sales were more or less flat compared to last year. During this period, profit after tax fell from SEK 3.7bn (£0.27bn) to SEK 3.3bn (£0.24bn). However, the group said that the third quarter “has got off to a good start”. Helena Helmersson, H&M chief executive, said: “The external factors that affect our purchasing costs continue to improve, work on the cost and efficiency programme is proceeding at full speed, and much of the work that we have done in recent years is starting to bear fruit. We are also continuing our initiatives focusing on the customer offering, while at...

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Ted Baker owner secures £394m investment

30th June 2023

Authentic Brands Group, which owns retailers including Ted Baker, Reebok, and Hunter, has secured a $500m (£394.1m) investment from a global growth equity firm. The American retail giant received the funding from one of its current investors, General Atlantic, to support plans for worldwide expansion. General Atlantic and Authentic first partnered in October 2017, with the most recent investment bringing the firm’s total investment capital in the retail group to nearly $2bn (£1.58bn). Since General Atlantic’s initial investment, Authentic has made nearly 30 acquisitions, and diversified its platform through other companies in media, outdoor, events and experiences, and studios. In 2022, Authentic began a strategic partnership with ex-footballer David Beckham to co-own and manage his global brand; completed its largest ever acquisition with the purchase of Reebok; and finalised the takeover of Ted Baker. Authentic says its portfolio of 40+ brands generates over $25bn (£19.71bn) in global retail sales annually, and has a presence in over 10,800 shops and concessions and 380,000 points-of-sale internationally. Andrew Crawford, managing director and global head of consumer at General Atlantic, said: “Looking ahead, we believe Authentic is positioned for continued diversification across categories, license partners, geographies and distribution channels, with immense whitespace in digital...

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‘Restaurants with rooms’ operator seeks London locations

30th June 2023

A ‘restaurants with rooms’ operator is seeking new locations in London to expand its business. First Restaurant Group currently operates a variety of restaurants, bars, and pubs in London. Its sites include The Waterway in Little Venice; The One Tun pub and rooms near Farringdon Station; The Grafton Arms in Fitzrovia; The Hayden bar and restaurant in Notting Hill; and its latest addition, the Oak & Poppy in Hampstead Village. The group is interested in former pubs, offices, warehouses, or other buildings across the capital with space for a restaurant and rooms. The sites must either be empty or suitable for conversion. First Restaurant Group’s required sites must have at least 2,000 sq ft of ground floor space with room for 10 bedrooms to be created upstairs. Richard Wassell of twentyretail has been appointed to find suitable locations, with both freehold or leasehold properties considered.

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Council calls for contractors as part of Grimbsy regeneration

30th June 2023

North East Lincolnshire Council has invited local contractors to a drop-in session as it begins the next phase of its multi-million pound redevelopment of Grimsby’s Freshney Place. The council is organising the event alongside Morgan Sindall Construction, which is delivering the leisure scheme. Contractors within the construction industry are invited to Grimsby Town Hall on July 7 between 9am and 3pm to discuss the developments. The discussions will mostly focus on the Freshney Place leisure and market redevelopment, however there will be opportunities to hear about other construction projects and potential future work. North East Lincolnshire Council leader, councillor Philip Jackson, said: “There is a real desire to involve as many people as possible to come along and see the opportunities that may be open to them as this really significant scheme moves forward. “We have been highly successful in winning millions of pounds in Government funding to ensure the reinvention of our town centre is successful and we are on our way to achieving that. If you are a relevant contractor then please go along and find out how you may be able to be a part of the journey”, he added. The redevelopment of the western end of...

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John Lewis pushes ahead with £500m build-to-rent scheme

30th June 2023

The John Lewis Partnership has submitted its first planning applications for two build-to-rent sites at West Ealing and Bromley. In December of last year, the group announced a £500m joint venture with global investment company Abrdn to deliver 1,000 homes. Initial plans for a vacant warehouse in Reading are also expected to be brought forward later in the year. The partnership said the proposed developments show a “long-term commitment to raise standards in rental homes in these communities”, where it has a presence through its Waitrose stores. The proposals outline the building of 428 new homes in West Ealing and 353 in Bromley, which John Lewis said would be affordable and targeted at public sector workers such as nurses or teachers. It has a target of 35% affordable housing, with the 2022 national average for new homes in England currently 11.4%, according to the Department for Levelling Up, Housing, and Communities. The group said that through public consultations, it had worked with local communities, councillors and other groups to understand what is needed from housing in their areas. “Our approach to rental property aligns with our values of providing quality, service, sustainability while bringing something valuable to local communities”, John Lewis...

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Youth Hostel Association to sell 20 sites

30th June 2023

The Youth Hostel Association (YHA) is selling 20 of its 150 sites after COVID lockdowns and financial pressures put a squeeze on the organisation. “Pandemic shutdowns, the cost of living crisis and steep inflation have affected us like other charities and hospitality providers”, the YHA said in a statement. Earlier in June, the YHA announced a three-year business plan aimed at securing the “long-term prosperity” for the organisation. It struggled in 2020/21 during the COVID-19 pandemic and lost over 80% of its income. Now just 60% of its hostels provide 90% of its income. The YHA’s business plan looks to raise occupancy in its more popular locations, increase the amount of customers by 30% and cutting staff numbers by 20%. The organisation is looking for buyers that will continue to operate the sites as hostels “wherever possible”. That said, it is likely that some will be sold into private hands with the proceeds going towards the maintenance of the remaining hostels. Properties up for sale include YHA Boswinger in Cornwall, on the market for £550,000; YHA Wells-next-the-Sea, in north Norfolk, on sale for £400,000; as well as a gothic mansion in Brontë country, West Yorkshire; a Victorian castle in Eyam,...

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WHSmith won’t open high street stores as it focuses on other markets

30th June 2023

The boss of WHSmith has said the retailer will not be opening any more stores on UK high streets, as it shifts its focus to the travel and international markets. The retailer will be looking to increase its presence in train stations and airports, and aims to open more stores in Europe and the US, WHSmith’s chief executive Carl Cowling told the BBC. In April, WHSmith said its pipeline of stores included 60 in North America. In recent years, WHSmith acquired travel retailers InMotion and Marshall Retail Group, in 2018 and 2019 respectively. Last year, it also partnered with Amazon to open a technology store in LaGuardia Airport, New York City. In WHSmith’s most recent quarterly report, it was revealed that the retailer’s revenue in its travel division had increased by 31% compared to the previous year. Its high street revenue increased at a much smaller rate of 2%. “We’ve got a very healthy high street business in the UK. But we’ve got no ambitions to grow that,” Cowing told the BBC. He added that opening any more high street stores, of which WHSmith operates around 550, would be a “duplication”, noting the retailer’s presence in major cities. However, the...

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Pho spices up Centre:mk

30th June 2023

Pho has opened its latest location at Milton Keynes’ Centre:mk shopping destination. Launching in a 4,133 sq ft space, the Vietnamese street food restaurant accommodates around 100 guests. Pho’s menu at Centre:mk offers a range of Vietnamese dishes including pho noodle soup, aromatic curries and rice bowls, as well as starters and sides. The restaurant has been kitted out in Pho’s classic style combining dark wood with red design accents and features an open kitchen for customers to observe their meals being made. Kevin Duffy, centre director at Centre:mk, said: “Pho has established itself as a firm favourite when it comes to affordable, high-quality Vietnamese cuisine, and we are so pleased to welcome the restaurant to our dynamic F&B line-up at Centre:mk. It has been a strong year for the destination, with footfall and sales figures consistently outperforming UK and regional benchmarks, and we feel sure that Pho’s opening will only add to this success.” The opening comes after a strong beginning to the year for Centre:mk, which saw total sales and footfall increase by 5.7% and 10.7%, respectively, in the first half of the year compared to 2022. Pho joins the recently-opened Itsu and loungers-run Cosy Club at the...

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Ted Baker restructuring sees 200 head office workers let go

29th June 2023

A restructuring process at Ted Baker has seen the retailer let go of around 200 members of its head office staff. A switch towards an outsourcing model has seen staff members in Ted Baker’s sourcing, finance, production, and footwear departments lose their jobs, according to Drapers. The retailer was acquired for £211m by Juicy Couture owner Authentic Brands Group in autumn of last year. At the time of the deal, the American retail group said it would be well positioned to accelerate Ted Baker’s growth, especially in North America. Following the acquisition, former Ted Baker chief executive Rachel Osborne left the company after six months, as well as chief financial officer Marc Dench, chief people officer Peter Collyer, and commercial and business development director Helen Costello. Earlier this year, Ted Baker opted to outsource its stores and ecommerce site to retail management firm AARC, and appointed PDS to lead its sourcing and manufacturing processes. Drapers said that less than 15% of Ted Baker’s head office employees were impacted, and that neither store nor customer facing employees were affected.

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Zest brings EV charging to Norwich scheme

29th June 2023

Zest has brought its electric vehicle charging network to Chantry Place in Norwich city centre. The scheme, which is home to 90 shops, cafés, and restaurants, will be provided with 16 charging bays in total, which Zest will operate and maintain. According to research from LCP Delta, 74% of electric vehicle drivers in the UK would frequent destinations more often if they had sufficient charging facilities. Chantry Place’s chargers have been selected to reflect the average dwell time at the scheme, with 22kW chargers adding around 90 miles of range within an hour. An initial eight chargers are now open in the centre’s lower car park, with a further eight installed on the upper level in the next phase of development. The installations at Chantry Place represent the latest in a series of partnerships for Zest, which has opened charging points at Metrocentre in Gateshead and Merry Hill, Dudley. It has also struck a deal to deliver 2,500 charging points in the London Borough of Hackney, as well as 39 for Transport for London. At Chantry Place, Zest’s charging points join a number of other carbon-reducing features including solar panels, natural ventilation, and LED lighting. Robin Heap, Zest CEO, said:...

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The Crown Estate looks to “restart” London development pipeline as values fall

29th June 2023

The Crown Estate has said it is seeking to “restart its development pipeline” in London, after its properties in the Capital saw a fall in value. The Sovereign-owned group said that the end of the 2023 financial year the void rate had risen to 18.4% in its London estate (FY22: 10.9%), adding it expects this to continue next year as part of its plans to restart the development pipeline, before “key properties” return to the market in 2025. Excluding major developments and smaller refurbishments, the London void rate was 4.1% at year end, said The Crown Estate. The value of The Crown Estate’s London portfolio fell by 6.5% to £7.2bn during the last financial year, although the group said this was in line with the wider market with property valuations impacted by inflation, rising debt costs, and economic uncertainty. However, this was much less dramatic decrease compared to The Crown Estate’s regional portfolio, which fell in value by 11.8% to £1.5bn. The Crown Estate said the primary cause of this was the reversion of positive market sentiment towards out-of-town retail parks in the second half of 2022, led by concerns regarding consumer spending and high interest rates. The property management...

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Preferred bidder picked for former Cole Brothers building

29th June 2023

Sheffield City Council has chosen a preferred bidder to take the lead on transforming the former Cole Brothers building in Sheffield. Regeneration company Urban Splash was selected following a marketing process conducted by CBRE and looks to transform the building into a mixed-use space. The former Cole Brothers store opened on Barker’s Pool in 1963, before later becoming a John Lewis. It then closed in 2021. Under its proposals, Urban Splash is looking to re-establish the building as a place to meet, eat, and shop in the city centre. It plans to fill the ground floor with lively retail and food and beverage spaces, while the upper floor would provide flexible working space for Sheffield’s business base. Urban Splash’s plans will see the opening of the Barker’s Pool and Cambridge Street entrances to allow for outdoor seating areas, while the rest of the ground floor will be filled with shops. The developer said it has a particular interest in independent businesses. The lower floors will be deployed for leisure uses, while the upper floors are set to house workspaces, studio spaces, a gym, rooftop offices, and a publicly available pocket park. Urban Splash has previously repurposed listed and challenging buildings...

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B&M hails “strong” trading momentum

29th June 2023

B&M has reported “strong, profitable trading momentum” as it sees an increase in revenue across the first quarter of its 2024 financial year. In the 13 week period between 26 March 2023 to 24 June 2024, B&M’s total group revenue, which includes its UK and France divisions as well as Heron Foods, increased 13.5% compared to the previous year. This increase saw group revenues reach £1.32bn, up from £1.16bn in the 2023 financial year. The value retailer said its UK store division had enjoyed a like-for-like sales increase of 9.2% in the first quarter, with both grocery and general merchandising categories performing very well due to strong and positive like-for-like transaction numbers. It added that UK general merchandise sales participation and sell-through had been “excellent”. Alex Russo, B&M chief executive, said: “Our strong trading momentum demonstrates the strength of our unchanged strategy to relentlessly focus on price, product and excellence in retail standards. The business is well positioned as we start to transition to our Autumn/Winter season. We will continue to work hard to help all our customers manage the cost-of-living crisis.” The retailer said its Interim results for the 26 weeks ending 23 September 2023 will be published on...

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Sleep.8 dreams of further expansion

29th June 2023

Bed, mattress, and sleep technology retailer Sleep.8 is looking to open more stores within the M25 and the South East. The retailer, which currently operates seven locations in the UK, is looking to open new branches at “good quality” retail parks, shopping malls, and outlet centres. Sleep.8 provides customised sleep solutions to customers, with an emphasis on relaxation and sleep technology projects. As well as its UK stores, the retailer also operates in Spain and Portugal. It is now looking for units in strong footfall locations with car parking provision. Retail park units would ideally be sized between 4,000 sq ft and 10,000 sq ft while high street and shopping centre units would consist of between 4,000 sq ft and 7,000 sq ft of space. Sleep.8 has said that units with existing or the ability to fit mezzanine floors are preferable, and sites in close proximity to furniture and homeware stores would be ideal. Joe Newton of Curson Sowerby has been appointed to find suitable locations.

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Leicester hotel and casino sold for £8.75m

29th June 2023

A Leicester city centre hotel and casino have been sold by Tritax for £8.75m. The property, which sits opposite the Highcross Shopping Centre, consists of a 95-bedroom Travelodge hotel and Grosvenor Casino totalling around 63,000 sq ft along with 55 car parking spaces. Savills, who facilitated the deal, marketed the site last year with a guide price of £10.2m. It said the properties had been sold to a “UK family office”. The hotel opened in 2004 and underwent a £325,000 investment 10 years later. The casino occupies the ground, first, and second floors of the hotel. It is home to a number of bars and a restaurant area which covers 50 people. Victor Ktori, Head of Commercial Real Estate at Savills Nottingham, said: “We are delighted to complete the sale of this prime Leicester City centre property which attracted robust demand driven by strong investment metrics.”

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Gramicci makes global store debut at Covent Garden

29th June 2023

Gramicci has made its bricks-and-mortar debut at Covent Garden’s Seven Dials neighbourhood. Launching in a 1,400 sq ft store at 3 Earlham Street, the outdoor and lifestyle clothing brand will offer a range of functional men’s, women’s, and children’s clothing. The two-storey store was designed by Outsiders Design Studio and built on a retail merchandising system from interior designers WDC-Creative. Gramicci’s London store pays homage to the brand’s climbing heritage, with design accents and fixtures manufactured by UK climbing wall manufacturer Kong Climbing. The store’s interior also features a number of bespoke installation pieces designed by João and Carolina Parrinha. Stocking the brand’s range of outdoor apparel, the store offers Gramicci’s signature G-Shorts and G-Pants, as well as collaboration items and exclusive store drops. Gramicci hopes the space will function as a location to host events which align with the brand’s philosophy. Steve Gildea, brand manager at Gramicci UK, said its first retail space had been a “long-time coming”. It joins a number of other fashion retailers at Covent Garden, including Danish luxury label GANNI, American workwear brand Carhartt, and outdoor equipment and clothing brand Arc’teryx.

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JD Sports to join Ashley Centre

29th June 2023

JD Sports is set to open at the Ashley Centre in Epsom later this year. Opening in a 4,453 sq ft unit near the central square, the new JD Sports store will sit adjacent to Monsoon and New Look on the ground floor. The retailer will offer its full range of clothing, footwear, and accessories from brands such as Nike, Adidas, and Puma. Louisa Butters, head of asset management at scheme landlord CBRE Investment Management, said: “Our aim is to continue delivering an offer that will elevate visitors’ experience and reinforce the importance of the Ashley Centre to the community. With our refurbishment of the scheme well underway, we’re looking forward to welcoming them later this year and joining us as one of our key destination-led stores in Epsom.” CBRE Investment Management has invested £5m into refurbishing the Ashley Centre, as it looks to draw in new brands such as GAIL’s, which is set to open later in the year. GCW and Cushman & Wakefield represent the Ashley Centre.

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Five retailers heading to Victoria shopping centre Leeds

29th June 2023

Victoria Shopping Centre in Leeds is set to welcome five retailers in the coming months, with one current tenant also upsizing its store. Leases have been agreed with Phase Eight, Whistles, The Whisky Shop, Jimmy Fairly, and Townhouse Nails. Fashion retailer Phase Eight will open a store in its flagship design, modelled on its Westfield White City location. it will sit next to dress retailer Whistles, which will be returning to Leeds in a standalone store. Both stores will be opening towards the end of June in Victoria Gate. Also on Victoria Gate, Townhouse Nails will be opening one of its first standalone branches in the North of England, and optician Jimmy Fairly will be opening in Victoria Quarter. The Whisky Shop is set to open in County Arcade, while Footwear retailer Size? has upsized its unit. The Leeds scheme is managed by Rivington Hark, with its properties managed by Montagu Evans. Robert Hadfield, director at Rivington Hark, said: “For us, retail is no longer just about real estate, and the days of relying on cookie-cutter shopping centre concepts for success are long gone. We are constantly seeking new ways of curating compelling experiences for both our brands and customers,...

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tomtom coffee seeking London locations

28th June 2023

London-based coffee house tomtom is actively seeking sites in the Capital to open more cafés. tomtom currently operates out of a café on the corner of Elizabeth Street near Victoria coach station, and is now looking to open in sites with at least 1,000 sq ft of space in London. The business has a preference for locations with outdoor seating in Marylebone, Hampstead, Chelsea, Soho, Clapham, Mayfair, Wimbledon, Richmond, Barnes, Fitzrovia, and Islington. As well as coffee, tomtom also offers a range of food which is served all day, including avocado on toast, pancakes, salads, toasties, and other dishes such as shakshouka or açai bowl. Other drinks available include rose lattes, loose teas, smoothies, milkshakes, matcha, and chai lattes. Richard Wassell of twentyretail has been appointed to find suitable locations.

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