×
70 656
Fashion Jobs
BLOOMINGDALE'S
Asset Protection Outlet Associate, Part Time - Outlets at Orange
Permanent · Orange
BLOOMINGDALE'S
Outlet Keyholder Selling, Full Time - Riverhead
Permanent · Riverhead
MACY'S
Asset Protection Detective, Temecula Promenade - Part Time
Permanent · Temecula
MACY'S
Asset Protection Detective, Annapolis - Part Time
Permanent · Annapolis
MACY'S
Asset Protection Detective, Herald Square - Full Time
Permanent · New York
MACY'S
Asset Protection Detective, San Francisco Union Square - Full Time
Permanent · San Francisco
MACY'S
Asset Protection Detective, Topanga - Part Time
Permanent · Los Angeles
MACY'S
Asset Protection Detective, Livingston - Part Time
Permanent · Livingston
MACY'S
Asset Protection Officer, Secaucus D2C fj - Full Time (2840)
Permanent · Secaucus
MACY'S
Asset Protection Detective, South Park - Full Time
Permanent · Colonial Heights
MACY'S
Asset Protection Detective, Springfield - Full Time
Permanent · Springfield
MACY'S
Asset Protection Detective, Smith Haven - Part Time
Permanent · Lake Grove
MACY'S
Asset Protection Security Guard, Green Acres - Part Time
Permanent · Valley Stream
SALLY BEAUTY CORPORATE
Outside Sales Representative - Cosmoprof
Permanent · Sudbury
ROSS STORES
District Manager
Permanent · Waukesha
ROSS STORES
Store Protection Specialist
Permanent · Saratoga Springs
ROSS STORES
Lead, Corporate Security & Fire/Life Safety
Permanent · Dublin
ROSS STORES
Store Protection Specialist
Permanent · Clemmons
ROSS STORES
Store Protection Specialist
Permanent · Fontana
ROSS STORES
Store Protection Specialist
Permanent · Nashville
ROSS STORES
Store Protection Specialist
Permanent · Pico Rivera
ROSS STORES
Store Protection Specialist
Permanent · Charleston
Published
Jul 20, 2017
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Shop Direct's £3bn sale is cancelled

Published
Jul 20, 2017

It may not come as a huge surprise but reclusive billionaires David and Frederick Barclay have put their plans to sell the giant Shop Direct e-tail business on hold.


Littlewoods



The company, which includes the VeryExclusive, Very and Littlewoods e-stores, was put up for sale earlier this year with a suggested price of £3 billion.

But it seems that in the current environment that was quite a few million too much. With the political environment very uncertain, with  sales growth hard to come by in UK fashion retail and with increasing calls for the government to cast its regulatory eye over businesses that rely heavily on expensive credit for much of their profits, the Barclays seemed unlikely to achieve their desired price.

The brothers, who also own  Telegraph newspapers and London’s Ritz Hotel, had seen interest in the Shop Direct business from investment funds Hellman & Friedman, BC Partners and Apax but we have to assume this trio balked at the price.

The company said in a statement on Thursday that “at no point did the shareholders commit to a transaction, and retaining the business was always an explicit option, given its significant growth potential.

“The appetite of potential bidders has begun to change due to uncertainty created in the post-election UK environment so the shareholders have decided not to pursue discussions further at this stage.”

What does this mean for Shop Direct? Well it’s unlikely to be bad news. The company continues to grow and has yearly sales of nearly £2 billion. It’s a strong retail business and is one of the most tech-focused with the company introducing artificial intelligence into its customer service operations. OnThursday it said that it “continues to outperform the market delivering double-digit profit growth for the year ended 30 June 2017 and this strong trajectory is expected to continue.”

But that credit issue could be a problem. Like another business that offers credit terms, N Brown, the company is in the firing line of any future regulatory changes due to the very high cost of that credit. And even without regulation, consumers worried about carrying too much debt could rein-in their spending via such websites if the economy remains shaky.

Copyright © 2022 FashionNetwork.com All rights reserved.