Taveta Investments reports decline in profits and L’Oreal may not receive €800m for Body Shop sale
Taveta Investments reports decline in profits
Sir Philip Green’s retail empire Taveta Investments has reported a decline in profits after taking a £130m writedown in one-off costs due to the collapse of BHS, The Telegraph reports.
Taveta Investments, which owns the Arcadia group – parent company to brands including Topshop, Burton, Dorothy Perkins, Evans, outfit and Miss Selfridge, reported a 79% dip in pre-tax profits to £37m for the year to August 2016, compared with £172m the year before.
Sales have declined 17% to £2.02bn. Losses were also made on property values and from less profitable stores.
The retailer said that clothing had become a “less important part of the household budget”
A statement added: “This is set against an economic environment of a continued slow recovery from a deep recession and the uncertainty caused by Brexit."
L’Oreal may not receive €800m for The Body Shop
Sky News reports L’Oreal has informed bidders for The Body Shop that earnings may decline from €80m (£69) last year to €65m (£56m) in 2017.
The company may not receive the expected €800m (£694m) for the Body Shop owing to a decline in profits.
According to sources, L’Oreal’s management had a meeting on Wednesday to assess a handful of offers for The Body Shop from CVC Capital Partners, Investindustrial and Fosun.