NEWS
Retail bankruptcies on the rise
The National Federation of Retail Newsagents (NFRN) has revealed that 510 of its members went bankrupt in the last year
– a rate of ten a week – as they struggled to compete with other retailers selling newspapers and magazines, including
supermarkets and coffee shops.
The NFRN does not see the situation improving in the light of this year’s Budget announcement, which it says will:
“Provide small change for independent newsagents who are in dire need of easier access to credit, a more supportive
attitude from suppliers by avoiding the tightening of terms, a rethink on VAT and a delay in the planned increase in
employers’ National Insurance contributions.”
Regarding the controversial planned changes to Business Rates, due to come into effect over the next two years, the
NFRN said the effects will be “damaging” for independent retailers during this period of economic uncertainty.
Consumer confidence, it predicts, will “remain frail” in the year ahead.
In general, retail collapses soared in the first quarter as companies fell victim to falling consumer confidence and a
deteriorating financing environment.
On average, more than seven retailers hit the wall a day in the three months to March. The number of insolvencies
jumped 24 per cent on the previous quarter, according to PricewaterhouseCoopers research.
Card Factory
boss in line
WH Smith confident despite profits fall
WH Smith has posted a 5 per cent fall in first-half profits but said it is confident about the full-year outlook.
for business
The retailer, which trades from about 560 high street stores and around 450 travel and hospital and motorway service
outlets in the UK, reported pre-tax profits of £61m in the six months to February 28.
award
Profit from trading operations in travel stores increased 18 per cent to £20m while profit from its high street division
rose £47m. Group sales were flat at £731m, with like-for-like sales down 5 per cent. High street like-for-likes dropped 6
Card Factory founder, Dean Hoyle, is
per cent and travel fell 1 per cent. However, total gross profit margins were improved offsetting the sales drop.
in contention for one of the UK’s most
WH Smith chief executive Kate Swann said: “Our markets remain challenging. However, we have planned accordingly
and are confident in the outcome for the full year.”
prestigious awards for entrepreneurs to
be announced in June.
Hoyle is among 43 business
leaders competing in the North and
Portfolio adds
Greetings from
Midlands section for the Ernst & Young
Entrepreneur of the Year title. The
Cheung
Plain Lazy
awards were established in the 1980s,
New Christmas
to honour business people who are
Surf and skate street clothing brand, Plain Lazy, has
designs from artist,
bringing jobs and investment to their
launched a range of male and female greeting cards.
Michael Cheung
region.
The designs use the catchy slogans and fun
are among the first
Stuart Watson, partner at Ernst &
illustrations from previous clothing collections and are
work to feature for
Young in Leeds, said: “The finalists
brightly coloured for maximum impact. Plain Lazy has
art licensing agency
are fine examples of businesses
partnered with Portfolio and Jayne Diggory, creative
Portfolio Select.
that are picking up market share
director, said: “We always look to work with slightly
“Michael is a
alternative brands and artists and felt that Plain Lazy was
and succeeding despite economic
talented, well known
an ideal fit for our company. The humorous designs offer
adversity. They include specialist
artist in the greeting
the retailers and consumers something different”.
businesses that are biting at the
card industry and works in a very graphical style,” says
The range is already on sale in many independent
heels of bigger competitors such as
Portfolio’s David Seddon. “He has just completed a series
retailers as well as Scribbler, Cards Galore and
Sportswift (Card Factory).
of festive designs which can be viewed on our website.”
Paperchase.
www.portfolioselect.co.uk
Tel: 0208 960 3051.
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