News
Retra set to close – members to vote on future of the trade association
4 Retra CEO, Howard Saycell
Retra has announced that its board has taken the decision to close the trade association. However, if a proposal goes ahead, it will be absorbed into BIRA (the British Independent Retailers Association), which will create a new division dedicated to electrical retailers and repair agents. The decision to close Retra (the Radio, Electrical
and Television Retailers’ Association), which represents independent electrical retailers, has been
made with careful consideration, the board said, and it is intended that as part of BIRA, it will better serve the needs of its members in the ever-changing landscape of the electrical retailing industry. BIRA is a bigger trade association than Retra (which celebrated its 80th anniversary last year) and it will continue to provide the current Retra support – with some additional enhanced services that are not currently offered. The current cost of BIRA membership is £205 per year, which is around half that of Retra membership. A vote on the proposal will be taken by Retra
members
at an EGM (Extraordinary General Meeting) on 1 February; if it goes ahead, Retra will pay the BIRA membership cost of the first year for its members, and any monies left over will be returned to paid-up members. As part of the process, Retra’s insurance business, Retracare, will be sold. The board is discussing selling it to Pacifica Group.
“This decision has not been taken lightly,” said Retra CEO, Howard Saycell. “Every effort has been made to sustain the membership numbers, but sadly, the decline has continued and has accelerated.
Currys ‘in a healthy position’ despite tough market
Currys CEO, Alex Baldock, has said the group expects its full-year profits to be above consensus expectations, despite market conditions. He stated that the group has had a successful peak trading period and that its customers are “more satisfied than ever”, as it aims to keep its “encouraging momentum” going. Mr Baldock’s comments come as the retail giant announced its trading update
for the 10 weeks to 6 January. The company predicts to record an adjusted profit before tax for the current financial year of £105-115 million. “We’re in a healthy financial position, and our strategy is delivering a consistently improving customer proposition,” added the Chief Exec. “As consumer confidence improves, we’ll be well-placed to build on these strong foundations, to benefit shareholders as well as colleagues and customers.” The group said it recorded good sales in domestic appliances, which was
offset by weaker trends in TV sales. It delivered “robust profits” through stable gross margin and continued cost savings, but its LfL sales in the UK and Ireland decreased by three per cent in this period.
“The board has decided that it is no longer
viable for Retra to remain a stand-alone entity. If the proposal is approved by the members at the EGM, Retra will close. I know this may come as a shock, but we hope to put alternative arrangements in place for the members of Retra and Retracare to continue.” Gavin Read, of TVC Electrical in North Yorkshire, is a
BIRA member and has also been a Retra member for almost 30 years. He told ERT that Retra’s absorption into BIRA will be “a marriage made in heaven”. “It is the best way forward for Retra,” he said. “The
benefits far out-weigh any negatives as far as I can see. A division of Retra within BIRA sounds like the perfect solution.” Mr Saycell expressed his gratitude to everyone who has contributed to Retra’s success over the years. “Your dedication and passion have been the driving force behind our achievements,” he said.
ERT reported in December that Currys had a four per cent decrease in sales, which it stated was “in line with expectations”. In the UK and Ireland, its sales declined by three per cent “driven by a market decline”. In its latest report, the retailer said that its credit adaptation hit a new record, at +20.6 per cent, among its customers; it now has 2.2 million active credit customers.
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