Retail news round-up: Retail Aquisitions declared inslovent, and The Hut Group in talks to buy UK2 and Spar records surge in sales.
Retail Acquisitions placed into liquidation
Retail Acquisitions, belonging to former owner of BHS Dominic Chappell, has been declared insolvent by the High Court, This Is Money reported.
Administrators of BHS, Duff & Phelps, will be able to track and retrieve BHS assets for the company and creditors.
The application for permission to appeal by Chappell was refused by the High Court yesterday.
Chappell now has 21 days to renew his application to a High Court judge.
The Hut group plans to buy UK2
The Hut Group is planning to buy a web-hosting firm UK2 from the private equity firm LDC in a £50m deal, Sky News reported.
Sources said that there was no guarantee of a formal agreement between LDC and The Hut Group.
The takeover would allow The Hut Group to accelerate its international expansion plans.
Both the companies declined to comment.
Spar reports surge in sales
Spar has reported an 8.5% increase in retail sales to £2.84bn in 2016, owing to the growth in number of retailers, marketing and food service, The Talking Retail reported.
The retail chain added 186 new stores last year, resulting in total store numbers to 2,620, with 4.2% increase in sales per square metre.
Spar international also reported a 4.5% increase in retail sales to €33.1bn (£28.4bn) for the same period.