Today’s news in brief-24/10/23
Furniture retailer ScS has agreed to be acquired by Italian brand Poltronesofà in a £99.4m deal. This acquisition, representing a premium of 66% to the closing price per ScS share in October, has been recommended to shareholders and is expected to be completed in early 2024. Poltronesofà views this as a strategic step in its pan-European expansion and believes that ScS shares common values and principles. Established in Reggio Emilia in 1995, Poltronesofà has become a leading sofa retailer in Italy and Europe, operating numerous stores across the continent.
Decathlon has launched a nationwide buyback service in 50 of its UK stores. This initiative allows customers to exchange old sports equipment for in-store credit. Initially focused on bicycles, the service will expand to cover various categories like kayaks, paddle boards, and fitness equipment. Research commissioned by Decathlon indicates that over 50% of adults have unused sports equipment at home, with bicycles being the most common. Since its introduction in Europe, this buyback service has successfully repurchased and resold 251,000 products.
Lidl GB has overtaken Asda to become the third-largest supermarket in London. The company’s market share in the capital now stands at 9.1%, twice the market share of any other discount supermarket in London. Lidl GB not only reported the fastest growth among supermarkets in the city but also received recognition as the fastest-growing supermarket across the UK. This accomplishment is part of a substantial £500m investment into the London market. The company has recently opened nine new stores and secured five more sites for future expansion.
Sephora, following the successful launch of its first UK store in Westfield White City, is set to open its second UK location in Westfield Stratford on 15 November. The store will feature 125 brands across makeup, skincare, haircare, and fragrance categories, including exclusive brands like Adwoa Beauty and STRAAND. Sephora, with a presence in 35 countries, operates over 2,600 brick-and-mortar stores and offers around 78,000 products.
Poundland has announced plans to recruit 1,200 colleagues for temporary roles in its stores across the UK and Ireland during the festive season. While most of these positions will conclude on Christmas Eve, some may be extended into early January. Additionally, Poundland has opened 37 new stores at former Wilko locations, giving priority to its existing staff for these roles. The company will also close its stores on Boxing Day and New Year’s Day to provide its colleagues with a well-deserved break.
Angling Direct has reported an impressive 11.4% increase in group revenues for the first half of the fiscal year, amounting to £43.3m. This growth was driven by a strong performance in retail stores, which experienced an 11.3% increase in sales. The company also saw an 8.3% growth in online sales in the UK. Furthermore, Angling Direct ended the first half of the year with a robust balance sheet, boasting net cash of £17.6m.
