Retail news round-up on February 17, 2016: BHS owner borrows money to bolster food business and Mike Ashley invites MPs to Sports Direct's HQ.
BHS owner borrows loan to step up food business
BHS’s new owner Retail Acquisitions is thought to have secured a loan amount of about £10m from a subsidiary company of Gordon Brothers with charges against a number of stores, The Times reported.
The money borrowed would be used to roll out the food business of the beleaguered retailer.
The US lending and investment firm has been granted a charge over BHS’s leasehold store in Bristol, according to documents at Companies House.
Mike Ashley reportedly calls MPs at Sports Direct’s HQ
Mike Ashley is understood to have invited Labour MPs at Sports Direct’s headquarters and giant warehouse facility to answer any questions over the working conditions of his sportswear chain, according to The Mirror.
A source states, “Mike thinks the best way to set the record straight is to be completely open, so he’s invited the MPs to come and see everything. You can’t get more open than that.”
Ashley has received heavy criticisms in the past for dodging government investigation into Sports Direct.
SuperValu retains coveted position of Ireland’s biggest grocer
Musgrave group-controlled brand SuperValu has retained its top Irish grocer title, overtaking Tesco and Dunnes Stores.
SuperValu managed to steal a 25% share of Ireland’s multi-billion euro grocery market during the 12 weeks to January 31, according to figures from Kantar Worldpanel.
It has beaten Tesco, who grabbed a 24.5% share, and Dunnes Stores, which had a 24.1% share.
German chain Lidl also did well in the period, with an 8% share of the market, while Aldi secured 7.4% share.