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Next HQ and warehouses up for sale

Next is seeking buyers for its headquarters and three warehouses as part of a mitigation strategy to shore up its balance sheet against the effects of a fall in trade. 

The multichannel retailer has appointed property agent Savills to search for a buyer for its head office in Leicester, and property agent Acre to oversee the disposal of three warehouses, which would all then be leased back. 

Next said last month that it could raise up to £100m through the sale and leaseback of properties, including warehouses, to combat the closures of its stores and website. 

A Next spokesman said the sale and leaseback of these properties has “absolutely no effect on staff or stores”.

The retailer announced the temporary closure of its website, warehouse and distribution operations on 27 March.

Last month, Next chief executive Lord Wolfson discussed the retailer’s “stress test” model, the importance of employee support and the need for continued innovation amid the coronavirus outbreak.

 

Readers' comments (3)

  • I would of thought now is the absolute worst time to be selling commercial property , shows how bad things are getting !

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  • Unless you’re selling food!

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  • Le Metier Textiles - Sai Kher

    In the last 20 years global clothing demand has doubled. But retail selling price remain the same after 20 years. Almost 50% of the clothing bought was discarded. Corona crisis will pass but we need to think again the future of our industry. May be buy quality, buy less, pay more and produce near home. Some one said “ Fashion fades, style is eternal”

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