Today’s news in brief-24/3/25
Harrods is nearing the finalisation of compensation payments for victims of sexual abuse by its former owner, Mohamed al Fayed, who died in 2023. According to draft terms seen by Sky News, some claimants could receive over £300k, depending on whether they opt for a psychiatric assessment. Those choosing the “medical pathway” may secure up to £200k in general damages, plus additional payments, while the “non-medical pathway” offers up to £110k. Harrods stated the scheme remains under consultation, with further updates to follow.
Ocado has delayed its diversity target for ethnic minority representation in senior management from 2027 to 2030, citing high retention rates among existing leaders. The move aligns with a broader corporate retreat from DEI initiatives, influenced by US policies under Donald Trump, who has restricted such programmes. Ocado maintains its commitment to diversity, calling it key to innovation, despite the adjusted timeline.
In The Style, the Manchester-based fashion retailer, owed more than £20m before its rescue via a pre-pack administration deal with Alps Sourcing Limited. The brand, which posted an £8.4m loss in 2023, saw revenues drop to £30.4m in 2024 amid cash flow struggles and legacy contract issues. The sale saved 87 jobs, but the company continues to face challenges in a tough retail market.
Frasers Group has increased its stake in Asos to 25.13%, fuelling speculation of a potential takeover bid. The move follows Asos’ largest shareholder, Anders Holch Povlsen, raising his stake to 28%, nearing the 30% threshold that would trigger a mandatory offer. Asos has raised its profit outlook, forecasting a 13% sales growth and improved margins, with half-year results due next month.
The Range has launched a new superstore in Ruislip, featuring its first ‘Kitchens by Homebase’ concept, alongside a garden centre offering expert advice and promotions. The retailer plans further expansions in 2025, following recent openings in Edinburgh and Horsham. CEO Alex Simpkin highlighted the store’s focus on providing home improvement solutions under one roof.
Asda has slashed prices on 1,500 products by up to 45%, marking nearly 10,000 reductions since January. Highlights include Philadelphia Soft Cheese at £1.16 (44% off) and Clover Butter Spread down 33% to £1.52. The cuts follow a 4p per litre fuel price reduction, reinforcing Asda’s pledge to lower living costs for customers. Executive chairman Allan Leighton vowed continued investment in price reductions throughout the year.