Today’s news in brief
Saudi Arabia’s Public Investment Fund (PIF) is looking to significantly increase its stake in Selfridges. Currently holding 10%, PIF has offered $1.3m (£1m) to acquire an additional 40% from Signa’s flagship property unit, following Signa’s insolvency earlier this year. This move positions PIF against other potential suitors like Thailand’s Central Group, complicating matters due to legal proceedings in Austria.
Homebase’s owner, Hilco Capital, is considering a sale following interest from The Range. Despite losses exceeding £40m in 2022, Homebase’s improved performance has attracted multiple bidders, potentially including B&M European Value Retail, marking a pivotal moment after Hilco’s acquisition post-Wesfarmers’ troubled ownership.
Hammerson has sold its entire stake in Value Retail to L Catterton affiliates for £1.5bn. This strategic move aims to reduce debt, reinvest in higher-yield assets, and initiate a substantial share buyback, reflecting Hammerson’s focus on urban real estate and enhanced shareholder returns.
John Lewis has launched an in-store repair service in select branches, partnering with Timpson Group. This initiative allows customers to extend the life of their garments and homeware, aligning with sustainability trends and consumer preferences for durable products.
Cotton Traders has reported a steady performance amidst economic challenges, with FY23 operating profit declining by 9.9% to £9.8m. Despite this, strategic investments in digital marketing and physical stores have bolstered online penetration and sustained customer loyalty, contributing to a resilient sales performance across its menswear and womenswear categories.
