Some of Britain's biggest retailers including Tesco and bookstore Waterstones have urged the government to permanently cut business rates if it wants physical stores to survive in the age of mass online shopping.
The Arcadia administrators have reportedly put a price of around £200 million on its star chain Topshop, with attempts to get a deal signed pre-Christmas. That could mean initial bids being filed within the next week.
British clothing and food retailer Marks & Spencer said on Wednesday it would not follow Tesco in returning business rates relief it has received from the government to help get it through the Covid-19 pandemic.
Supermarkets giant Tesco said it’s repaying the £585m worth of business rates relief it received as part of the retailer support offered during lockdowns this year. Rivals Sainsbury's and Morrisons then did the same.
UK-based fashion supplier BHM Knitwear has been bought by its management team. Group managing director Ben Littlejohn and sales director Nick Barana led the buyout supported by unnamed industry investors.