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Irish Times
5 days ago
- Business
- Irish Times
UK investor closing in on €115m purchase of Jervis Shopping Centre
A UK-headquartered investor is closing in on the purchase of the Jervis Shopping Centre in Dublin city centre for about €115 million. Pradera, a retail property investment and fund management specialist active across Europe, the UK and Middle East, has been selected as preferred bidder for the scheme. While the €115 million Pradera has offered to pay for the centre is less than the €120 million price that was guided by joint agents Eastdil Secured and Savills when they put it up for sale in March, it was enough to see off competing second-round bids from US investor Starwood and British billionaire Mike Ashley's Frasers Group. Interestingly, the proposed €115 million sale price is considerably more than the offers submitted in the first round of the sale process by other, predominantly Irish investors that included the Comer Group, Lugus Capital, and former Davy Real Estate chief executive David Goddard's Lanthorn. READ MORE None of these parties is understood to have tabled an offer in excess of €100 million for the scheme. [ Dublin's Jervis Shopping Centre to be put up for sale with €120m price tag Opens in new window ] Developed in the early 1990s on the site of the former Jervis Street Hospital by Padraig Drayne , Paddy McKillen and Paschal Taggart, Jervis Shopping Centre extends to more than 35,766sq m (385,000 sq ft) and has more than 90 retail units, including a foodcourt, across two floors supplemented by mezzanine floors. The centre's tenant line-up features national and international retailers including Tesco, JD Sports, Boots, Timberland, Bershka, Schuh, Sunglass Hut, Currys, Diesel, Rituals, KFC, Burger King and Butler's Chocolate Cafe. While the centre had counted Next among its occupiers for more than 20 years, the UK fashion retailer relocated to a new flagship premises nearby at 7-9 Henry Street in late 2018. More recently, the Jervis Shopping Centre suffered a blow with the decision by New Look to exit the Irish market. The UK discount fashion retailer is understood to have been paying about €2 million a year in rent for its Jervis store which, at 3,716sq m (40,000sq ft), was the largest in its chain of more than 1,000 outlets worldwide. In 2017, AIB Real Estate Finance provided a €155 million loan to refinance the Jervis Shopping Centre. The seven-year loan was made available to a company controlled by Mr Drayne and Mr McKillen.
Scottish Sun
22-07-2025
- Business
- Scottish Sun
Major update on bust IT firm after more than 100 Scots workers axed
Thompsons Solicitors are now representing more than 100 ex- Adarma staff who were booted out the door with no pay LEGAL WAR Major update on bust IT firm after more than 100 Scots workers axed Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) A top law firm has launched a legal war on behalf of furious workers ditched without a penny by a collapsed Scots cyber security firm. Thompsons Solicitors Scotland are now representing more than 100 ex- Adarma staff who were booted out the door with no pay, after the Edinburgh-based company plunged into administration last week. Sign up for Scottish Sun newsletter Sign up 1 Adarma offered a wide range of security services, including thread detection, security operations, bespoke security and managed data analytics Credit: PA:Press Association Shell-shocked employees were initially told the firm was on the hunt for a new buyer — only to be left stunned just days later when bosses pulled the plug completely. The Scottish Sun understands 173 axed workers across Scotland and England were then told they would not be getting their monthly salary or any of the other cash they were owed. The firm employed 176 people from its Edinburgh and London hubs. Now Thompsons — who've fought and won for hundreds of Scots dumped in similar sudden collapses — have stepped in to take on some of their cases, and are vowing to secure compensation. The legal outfit has previously bagged payouts for staff at Fife's Tullis Russell paper mill, Glasgow's Watt Brothers department store and warehouse workers in Ayrshire infamously given just 15 minutes' notice by a firm owned by retail mogul Mike Ashley. Paul Kissen, the top legal eagle heading up Thompsons' Protective Award Unit, blasted Adarma for the way they treated their workers. He said: 'Yet again, loyal, hardworking employees have been led up the garden path by a company that knew it was in trouble, but told them nothing. They've been treated with utter contempt. 'These workers are entitled to compensation through a protective award — and I'll make damn sure they get it. "Even staff who were only there a short time can expect several weeks' pay.' One former employee, who asked not to be named, revealed the cloak-and-dagger tactics used in the run-up to the company's collapse. Edinburgh Cybersecurity Giant Adarma Collapses with 173 Jobs Lost He said: 'We were told management was looking for new owners, but we were under strict orders to keep clients in the dark and make sure they kept paying. 'Not long after, we were told the company was in administration - and we weren't getting paid. We were completely kept in the dark and then dumped without warning. 'As usual, it's the workers who suffer while the top brass walk away.' Adarma, once a rising star in Scotland's booming tech scene, is now the latest high-profile casualty in the volatile IT sector. Adarma offered a wide range of security services, including thread detection, security operations, bespoke security and managed data analytics.
Daily Mirror
22-07-2025
- Business
- Daily Mirror
High street chain is closing another store - but shoppers are trying to save it
One shopper, Amy Jones, has set up an online petition on to try and keep the store open and she wrote: 'It's a vital part of our community.' Sports Direct is closing one of its stores this winter - and one devastated shopper has set up an online petition to try and keep it open. The sports chain is shutting its branch in the White Rose Shopping Centre in Rhyl. Shoppers have been told the store is closing in October, according to NorthWalesLive. Sports Direct has around 500 stores in the UK and is owned by Frasers Group, which was founded by retailer billionaire Mike Ashley. One shopper, Amy Jones, has set up an online petition on to try and keep the Sports Direct store open. She wrote: "Sports Direct in Rhyl is more than just a retail store; it's a vital part of our community. 'Over the years, it has provided not just a shopping venue but also employment opportunities and support for local sports enthusiasts. The closure of Sports Direct in Rhyl would have detrimental effects on our local economy and community well-being." In a separate Facebook post, another shopper commented: "Another shop closing... Rhyl will be a ghost town soon." Another said: "Will be plenty more closing as well in Rhyl the way things are going." It comes after Sports Direct closed its store in Cambridge shut down in April 2025, while its branch in Central Six Retail Park store in Coventry pulled down the shutters at the end of January. Its branches in Stroud, Gloucestershire, and on Octagon Parade in High Wycombe, Buckinghamshire, also shut permanently last year. In more retail news, Poundland yesterday revealed a list of 25 stores that will close for good in August. The discount chain has been sold for £1 to investment firm Gordon Brothers, the former owner of Laura Ashley, and had already confirmed that it will close 68 branches as part of its major restructure. Poundland will shut ten stores on August 10 and a further 15 branches will close their doors for good on August 17. Of the remaining 43 stores identified for closure as part the restructuring plan, three have already closed. This includes the Poundland in Swiss Cottage which shut on April 20, 2024, while its branch in Chiswick closed on May 28 and its Southampton West Quay store shut on June 9. It has been reported that the remaining 40 stores will close by mid-October. Poundland said the closures, alongside leases expiring, will see its store estate reduced to between 650 and 700. Poundland has around 800 stores currently. Poundland also revealed it will close its distribution centre at Darton, South Yorkshire and its national distribution centre at Bilston in the West Midlands in early 2026.
Scottish Sun
21-07-2025
- Business
- Scottish Sun
British high street giant with 500 shops launches closing down sale at ‘vital' store in another blow to seaside resort
One devastated resident set up a petition in a desperate bid to keep the site going SHOP DROPPED British high street giant with 500 shops launches closing down sale at 'vital' store in another blow to seaside resort Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) A HIGH street giant with 500 stores nationwide has launched a closing down sale at a "vital" branch. Locals in a North Wales seaside resort were shocked to hear the popular sports brand will be shuttering soon. Sign up for Scottish Sun newsletter Sign up 2 The Sports Direct in Rhyl's White Rose Shopping Centre will close in October (not pictured) Credit: Getty The Sports Direct, in Rhyl's White Rose Shopping Centre, will be yet another high street site to bite the dust. The new store, owned by Frasers retail group, was said to be part of an initiative to regenerate the company in 2020. But shoppers have been told the shop is pulling the shutters down permanently in October, as reported by NorthWalesLive. One devastated resident, Amy Jones, has set up a petition in a desperate bid to keep the site going. Read More SHUTTERS DOWN Much-loved pet shop forced to close after more than 60 years On her she penned: "Sports Direct in Rhyl is more than just a retail store; it's a vital part of our community. "Over the years, it has provided not just a shopping venue but also employment opportunities and support for local sports enthusiasts. "The closure of Sports Direct in Rhyl would have detrimental effects on our local economy and community well-being." The closure is the latest blow to Rhyl's high street, with a handful of stores and attractions shutting down in the past four years. However, a cash influx of £20million is set to be pumped into the town from the Government. Major card chain with 163 shops launches closing down sales ahead of shutting its doors for good This comes after a Sports Direct branch in Cambridge shut down recently, after launching a huge closing down sale. A frustrated local said: "Another nail in the coffin for concrete Cambridge." Meanwhile, another added: "Losing all our stores! Earlier this year, Sports Direct pulled the plug on its Central Six Retail Park store in Coventry at the end of January. Last year, its branches in Stroud, Gloucestershire, and on Octagon Parade in High Wycombe, Buckinghamshire, also shut permanently. And, just this week a retail chain owned by Sports Direct billionaire Mike Ashley "vanished". The business tycoon has stakes in several household name brands, including Boohoo, Hugo Boss and House of Fraser. And nestled in the Fountainbridge area of Edinburgh is Evans Cycles. The specialist bike store reportedly stocked "over 40,000 specialist products, from some of the world's most renowned cycling brands". Evans Cycles was acquired by the Frasers Group - which is helmed by Mr Ashley - as part of a rescue deal in 2018. However the shutters have been pulled down for a final time, after the retailer was "served notice by the landlord". The recent closure leaves five remaining Evans Cycles in Scotland - two in Glasgow, two in Aberdeen and one in Dundee. A Frasers Group spokesperson told Edinburgh Evening News: 'It is with regret that we have been served notice by the landlord to close Evans Cycles Edinburgh. "We would like to take this opportunity to thank our staff for their hard work and dedication. "Where possible, we are committed to finding new roles within the Group for staff.' Loyal customers rushed online to express their disappointment. One said: "Shocked to see Evan's go." Another added: "Cycling has increased dramatically in Edinburgh over the years, so I'm at a loss as to why it has closed." A third wrote: "Such a shame, this was a one stop shop for all your cycling needs." RETAIL PAIN IN 2025 The British Retail Consortium has predicted that the Treasury's hike to employer NICs will cost the retail sector £2.3billion. Research by the British Chambers of Commerce shows that more than half of companies plan to raise prices by early April. A survey of more than 4,800 firms found that 55% expect prices to increase in the next three months, up from 39% in a similar poll conducted in the latter half of 2024. Three-quarters of companies cited the cost of employing people as their primary financial pressure. The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year. It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year. Professor Joshua Bamfield, director of the CRR said: "The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025." Professor Bamfield has also warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector. "By increasing both the costs of running stores and the costs on each consumer's household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020."
Times
20-07-2025
- Business
- Times
Frasers defends insolvency deals after MatchesFashion collapse
Mike Ashley's Frasers Group has defended its use of insolvency deals to buy struggling retailers, as it scours the high street for more purchases. The owner of Sports Direct, House of Fraser and Flannels has faced scrutiny over its strategy of buying distressed companies, such as MatchesFashion, and swiftly placing them into administration. Critics say putting companies into insolvency so soon after a takeover suggests a lack of genuine commitment to turn around those businesses, and is a means of asset-stripping: acquiring intellectual property while shedding liabilities such as creditor debts, stock, leases and staff. Others argue that Frasers is the only retail company trying to save failing businesses and the high street. Chris Wootton, Frasers' chief financial officer, branded criticism of its strategy as 'unfair'. He said: 'A lot of what we acquire is very, very distressed businesses that are bankrupt.' Wootton added: 'Without us saving them there has to be efficiencies found because … that's why they went into bankruptcy in the first place. 'We feel we can turn these businesses around and make them successful by bringing them into the Frasers Group ecosystem. We're very good at it and we've done it multiple, multiple times.' Ashley founded the retail empire in 1982 with a sports shop in Maidenhead. The group, which rebranded from Sports Direct to Frasers after acquiring the eponymous department store chain in 2018, now employs more than 32,000 people. Mike Ashley founded the retail group with a sports shop in Maidenhead CHRIS J. RATCLIFFE/BLOOMBERG/GETTY IMAGES Frasers has scaled up by buying troubled retailers at bargain prices, including House of Fraser, Jack Wills, Evans Cycles and Missguided. In several cases it has ended up restructuring or liquidating them soon after. The swift administration of MatchesFashion after its acquisition raised particular concern about the group's intentions. Frasers bought the Matches brand name and intellectual property for £19 million in a pre-pack deal in April last year. The transaction excluded £80 million worth of stock and the 250 remaining employees and came just a month after Matches had been placed into administration, with Frasers saying 'too much' would be required to save it. Nick Beighton, the former chief executive of Matches, called the move 'unnecessary' and insisted that the business could have been turned around. The deal drew criticism from brands, creditors and employees for both its timing and impact. Wootton defended the decision: 'Matches was a massively lossmaking business [and it] went into bankruptcy. We went in with our eyes open that it was going to be difficult to turn around and it proved to be. It wasn't like we went in with our eyes closed. We knew what would happen and ultimately we took a very quick decision to put it back into administration because we didn't feel we could, you know, turn it around successfully.' He said Frasers was 'constantly looking at where we can grow', including further acquisitions.
