The Sunday Telegraph revealed that shareholders in shoe supplier Lambert Howarth have been warned by the company's administrator that they are unlikely to receive any money. The administrator has also warned that the group's pension scheme will suffer a "significant shortfall", according to documents filed last week at Companies House. "At the date of our appointment the pension scheme was owed approximately £14m on a buy-out basis, by the company." According to administrator BDO Stoy Hayward, Lambert Howarth collapsed after relations with Marks & Spencer, its largest customer, deteriorated.
The Sunday Times reported that the Ossian Retail Group, which owns the young fashion chain Internacionale, is poised to appoint administrators. Investment fund Agilo has acquired the debt in Ossian, which also owns homewares retailer Au Naturale. The group did not meet its full rent and service obligations for its 150 stores earlier this month and was forced to approach landlords to ask to pay its rent monthly instead of quarterly.
The Observer reported that JD Sports is to sponsor Scottish Premier League side Dundee United next season. The Dundee United shirts will be emblazoned with the Carbrini brand which is aimed at teenage boys. JD Sports has built up a stable of profitable brands, including McKenzie and Sergio Tacchini. The retailer is expected to report an increase in profits up from £17.3m to £32.2m in the year to January on sales of £576.2m.
Supermarket giant Tesco made a £5,300 profit for every minute of last year, it will report this week when it unveils record results, according to The Mail on Sunday. The retailer, which has 2,000 stores in the UK and takes £1 of every £3 spent in the grocery market, is expected to report annual profits of £2.8 billion, 6% higher than the previous year, on sales of more than £47 billion- about the same as Sainsbury’s and Asda combined.