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

Arcadia bank to act as guarantor to suppliers

A banker to Sir Philip Green’s troubled Arcadia fashion empire has agreed to act as a guarantor to suppliers.

The deal between HSBC and the Topshop owner also gives the bank security over millions of pounds of the retailer’s cash deposits, the Mail on Sunday reported.

The arrangement, described by one City source as “unusual” was struck as Arcadia prepares to restructure and after it was forced to pay some suppliers in advance when credit insurance was cut.

Kurt Geiger owner weighs up sale to US fashion powerhouse

The owner of upscale shoe specialist Kurt Geiger is mulling a £450m sale of the retailer to a US fashion group.

Private equity house Cinven has held informal “fireside chats” with possible buyers of Kurt Geiger, the Telegraph reported.

Retail rents fall as tough trading conditions take toll

The harsh trading environment drive down retail rents on prime properties in the first quarter of this year.

Rents at prime high street shops edged down 1% in the first three months of 2019, greater than the 0.4% decline in the final two quarters of last year, City AM reported.

Debenhams stores destined for closure were hit by business rates

80% of the 22 Debenhams stores scheduled for closure next year suffered a rise in business rates.

BBC 5 live’s Wake Up to Money programme has found that of the 22 Debenhams stores set to close next year - 80% had a recent business rate rise.

Overall, department stores saw costs jump by £130,000 on average according to a study for BBC 5 Live’s Wake Up to Money programme

Altus Group, said the revaluation of business rates in 2017 has brought the average rates bill for a large department store to £642,852 this year - a rise of 26.9%, or £132,378, compared with the year before the revaluation came into effect.

Chancellor to decide on future of 1p and 2p coins

Chancellor Philip Hammond will reveal later this week the fate of 1p and 2p coins.

Hammond, who last year described the coins as “obsolete”, launched a consultation on the matter last year.

The Treasury has said that “the result of the review will be announced shortly”, the BBC reported.

According to the Mail on Sunday, a Government source said: “We will confirm the penny coin won’t be scrapped.”