Having been on the block for a number of months, Oasis, Coast and Warehouse will not be changing ownership after all.
Icelandic bank Kaupthing has abandoned the sale process after insisting “the market does not currently recognise the value” of the three businesses.
Oasis, in particular, appears to be the growth vehicle of the group, driving the trio’s combined like-for-likes up around 5% in the first half of their current financial year.
But with Kaupthing insisting it is under no pressure to offload the retailers, can they continue that upward sales trajectory?
If they are to do so, a review of their property portfolios is surely a priority.
Between them, the brands have 750 stores – surely too many in the multichannel age.
If Kaupthing can refocus their store estates on prime locations and continue to drive volumes through supply deals with the likes of John Lewis, Debenhams and Asos, it could prove the catalyst for a more profitable future.
Elsewhere today, Oasis, Coast and Warehouse’s fashion rival Matalan posted an encouraging second-quarter performance, while new Bensons for Beds and Harveys boss Stuart Machin restructured the group’s senior leadership team.
Quote of the day
“Anything the Government can do to get people moving more would be welcomed, and clearly progress in terms of Brexit would be helpful, but we’re not hanging about for any of this stuff.”
– Topps Tiles boss Matthew Williams on why retailers need to self-help
Today in numbers
The jump in EBITDA recorded by Matalan in the 13 weeks to August 26.
Ted Baker takes centre stage as the luxury fashion retailer and brand unveils interim results.
Luke Tugby, head of content