retail
Clothing brand Joules is set to enter administration after being unable to find investors. “Discussions with various parties have not been successful and have now terminated,” the retailer said in a statement on Monday. Joules, which owns 132 stores, has faced challenges from reduced consumer spending and higher costs across the business. The company will file a notice of intention to appoint administrators but has ten days to find a buyer: the news follows that of online furniture brand Made.com, which was acquired by Next last week following its administration.
Leisure
Danieli Group, which operates the North East-based street food brand Stack, plans to open new sites in County Durham. The container concept has already launched schemes in Sunderland and Lincoln (opening in 2023), and used to own a site in Newcastle, but is now looking to two new sites. One will be on the site of a former Marks & Spencer on Durham’s Silver Street and another on Newgate Street in Bishop Auckland. The mixed-use leisure venues will have street food outlets, bars, communal seating and space for live entertainment. It is hoped that Stack Durham will open in late 2023, and Stack Bishop Auckland in 2024.
Property
Shopping centre operator Hammerson has reported strong performance in its first-half results. Adjusted earnings have increased 154% year-on-year, reflecting a 48% increase in like-for-like net rental income, lower administration and finance costs, and the success of value retail. CEO Rita-Rose Gagné said: “We are a better, more resilient, and financially secure business as a result of the actions taken since the beginning of 2021. We are conscious of the potentially volatile environment ahead and remain focussed on delivering our strategy.” Leisure businesses have made up a significant share of new tenants, and the company has seen strong demand from retailers for new space.
901
901