Today’s news in brief-31/1/25
Homebase, the DIY retailer that collapsed into administration in November 2024, owes more than £650m to unsecured creditors, including suppliers AO World, Halfords, and The Hut. Administrator Teneo reported total unsecured claims of £657m, with £100m owed to trade creditors. Major debts include £2.9m to Close Brothers for till systems, £1.7m to XPO Logistics, and £750k to AO World. The largest liability is a £534m intra-group claim from Ark Finco, which had already provided an £80m facility. Teneo is reviewing the legitimacy of this debt, which could influence creditor payouts. Homebase’s collapse followed Wells Fargo’s refusal to extend a critical £95m loan, exacerbating existing financial struggles.
The John Lewis Partnership fell short of its fourth-quarter profit targets as both Waitrose and John Lewis underperformed sales expectations. Despite a pre-tax profit of £42m for the year ending January 2024—a rebound from a £234m loss the previous year—the group acknowledged “lower consumer confidence” hindered holiday sales. The partnership had aimed for £131m annual profit but now expects to miss this goal. The news coincides with the departure of Chief Customer Officer Charlotte Lock, who stepped down to pursue a personal project after overseeing brand strategy and digital operations. John Lewis reiterated confidence in full-year results, set for release in March.
Spanish fashion retailer Mango has elevated CEO Toni Ruiz to chairman of its parent company, Punto Fa S.L., while he retains his chief executive role. Ruiz, who joined in 2015, is credited with driving record 2023 revenues of €3.1bn (£2.59bn) through store expansions and a refined brand strategy. Jonathan Andic, son of Mango’s founder, transitions to vice-chairman, while Judith Andic and Sarah Andic join as vice-chairwomen. The board now includes five independent members, such as Puig CEO Marc Puig. Ruiz highlighted plans to leverage Mango’s “stronger than ever” position for future growth, emphasizing store investments and governance reforms.
Superdrug has appointed Clare Jennings as property director following Nigel Duxbury’s retirement after 20 years. Jennings, who joined parent company AS Watson in 2018, will oversee store expansions, including 30 new outlets and 65 refits in 2025, targeting retail parks like Leeds Briggate. She previously managed the Marble Arch flagship refurbishment and sustainability initiatives. CEO Peter Macnab praised Duxbury’s legacy, including £13m raised for charity Marie Curie and the integration of Beauty Studios. Jennings will also manage estates for Savers and The Perfume Shop, aligning with AS Watson’s health and beauty growth strategy.
THG has named Milyae Park as an independent non-executive director, bolstering its board with her expertise in digital transformation from roles at Tesco and Marks & Spencer. Park currently holds non-executive positions at Alliance Witan, Faber and Faber, and Fidelity European Trust, alongside prior governance roles at the Museum of London. She emphasized THG’s innovation focus, while Chair Charles Allen highlighted her advocacy for sustainability and diversity. The appointment aligns with THG’s push to scale its consumer brands globally amid competitive ecommerce markets.
