Up-to-date coverage of the latest events in UK retail.

Business confidence lowest for a decade

Business confidence has slumped to its lowest level for a decade as fears of Brexit, trade and the global economic slowdown take hold.

According to Deloitte’s latest quarterly survey of finance bosses, 83% said they expected the business environment to deteriorate in the long term as a result of Britain leaving the EU.

Only 4% of the CFOs surveyed said they thought now was a good time to take greater risk on to their balance sheets.

Deloitte chief UK economist Ian Stewart said businesses were “steeling themselves for the worst” and expected sentiment to remain “choppy”.

Conde Nast bins Farfetch stake

Vogue magazine publisher Conde Nast has sold its stake in Farfetch.

The company, which was an early investor in Farfetch, has reservations about how the marketplace is being managed by its founder and chief executive Jose Neves, according to the Sunday Times.

Conde Nast chairman Johnathan Newhouse stepped down from the Farfetch board in March and it has since raised concerns about the amount it is spending on marketing.

Farfetch suffered a $109.2m loss after tax in the first quarter of 2019, although revenues increased 38.5% to $174m during the same period.

Select creditors owed £53m

Creditors for collapsed fashion chain Select have said they are owed £53.1m after the company fell into administration.

Unsecured creditors including its landlords and HMRC are collectively owed the sum, according to a statement of affairs document published by Select’s administrator Quantuma.

Landlords are attempting to reclaim £3.5m, while HMRC want to recoup £3.2m – including £1.7m in unpaid VAT bills.

But the statement, filed at Companies House, revealed that Select had just £1m in the bank when it went bust in May.