Shopping centres giant hails new Scottish luxury fashion stores | Mike Ashley to step down as chief executive of Frasers | Scottish firms ‘named and shamed’ by UK Government
Outsourcing firm Serco has seen profits leap after it was boosted by Covid-19 Test and Trace contracts and acquisition activity, and Hammerson reported footfall of 80% 2019 levels.
Also today, the Scottish businesses “named and shamed” by the UK Government for breaking the minimum wage law.
Shopping centres owner hails new Scottish luxury fashion stores as shoppers return
SHOPPING centres giant Hammerson has hailed the opening of new fashion stores in Glasgow and Aberdeen in its half-year accounts out today.
The Bullring owner said the opening of Tommy Hilfiger stores in two Scottish cities demonstrated confidence in the market.
It said footfall was averaging 80% of 2019 levels across its sites, which include Silverburn in Glasgow and Union Square in Aberdeen.
Hammerson’s adjusted rental income was £87.2 million against £94.4m last year and adjusted profit was up 14% at £20.1m.
Hammerson said: “Luxury fashion brand Tommy Hilfiger opened two new stores at Silverburn, Glasgow and Union Square, Aberdeen marking a return for the retailer in Scotland, demonstrating confidence in the market.
The firm also pointed towards using its estate for homes, hotels and offices, saying: “In the medium to long-term, there are more capital-intensive opportunities to repurpose part of our assets for alternative uses such as residential, hotel or workspace. The biggest opportunity is in department store space where we currently have over 800,000ft2 of void space or short-term leases.”
Rita-Rose Gagné, chief executive of Hammerson, said: “We have continued to respond to the changing landscape during the first half of 2021, which again was impacted by Covid-19. As we emerge from a unique moment in time, I see a pathway to create sustainable value as we transform the business to become more agile and able to anticipate and respond to this change. We own flagship destinations around which we can curate and reshape entire neighbourhoods and city centre spaces for generations to come.
“To realise this opportunity we are focused on continuing to de-lever the balance sheet through disposals of non-core assets, creating a leaner and more agile organisation, driving value in our destinations and accelerating our longer term developments.”
Mike Ashley to step down as chief executive of Frasers
Mr Ashley founded Sports Direct in Maidenhead, Berkshire, in 1982.
Frasers Group has confirmed that it is planning a leadership reshuffle which would see founder Mike Ashley step away from his role as the firm’s top executive.
READ MORE: The parent company of Sports Direct, House of Fraser and Flannels said it is currently proposed that Michael Murray – the retail tycoon’s prospective son-in-law – will become chief executive in May next year.
Scottish firms ‘named and shamed’ by UK Government for breaking minimum wage laws
The businesses have been made to pay back what they owe, and were fined an additional £46,000.
HAIRDRESSERS, hotels, retailers and an amusement park are among the Scottish businesses “named and shamed” by the UK Government for breaking the minimum wage law.
READ MORE: The breaches by the 22 companies took place between 2013 and 2018. A total of £31,000 was found to be owed to 209 workers after investigations by Her Majesty’s Revenue and Customs.
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