Up-to-date coverage of the latest events in UK retail.
Intu appoints chief investment officer to lead acquisitions and disposals
Intu has appointed Dushyant Sangar as its chief investment officer. He will be responsible for acquisitions and disposals as retail landlords grapple with how to make the most of their assets during a tumultuous time for the industry.
Sangar is currently corporate development director at Intu and led on its entry into Spain as well as working on acquisition of the Trafford Centre.
Chief executive Matthew Roberts said: “A key strategic objective for us is making smart use of capital which includes reducing leverage and prioritising investment that furthers our winning destination strategy. Dushyant will be key in delivering disciplined capital allocation across the business and I very much look forward to working with him.”
Watches of Switzerland confirms IPO intention
Watches of Switzerland has confirmed its intention to proceed with an initial public offering on the London Stock Exchange.
In a statement issued today, Jewel UK Midco Limited - the parents company of Watches of Switzerland - said it “intends to apply for admission of its shares to the premium listed segment of the official list of the Financial Conduct Authority” and to “trading on the main market of the London Stock Exchange”.
The business is aiming to raise £155m through selling shares, and aims to use the net proceeds of the float to “reduce current leverage” of debt to £120m.
Watches of Switzerland said an IPO would also “further enhance the group’s profile and brand recognition” amongst customers, suppliers and employees.
Boss Brian Duffy said: “I am very pleased to confirm our intention to float Watches of Switzerland Group on the London Stock Exchange. Our transformation is complete, the Group is now the UK’s leading luxury watch retailer and has successfully entered the significant, but underdeveloped US market. I am very excited for what lies ahead and the opportunity to take our growth strategy to the public markets.”
Debenhams sale period ends with no bids
The sale process for Debenhams ended yesterday with no acceptable bids being received, leaving the business’ creditors in complete control of the embattled department store chain.
The group went into pre-pack administration in early April, following a protracted battle with Sports Direct founder and potential buyer Mike Ashley, and the sale process was conducted by Lazard.
Any prospective buyer of Debenhams would have had to immediately refinance the retailer’s indebtedness, which amounted to more than £500m, according to the FT.
The department store chain’s creditors are expected to now vote on its proposed company voluntary arrangement today.