Tenant News February 16th

Aurelius, the private equity owner of Body Shop, is set to receive the first payout following the chain's administration, leaving other creditors at a loss. The German private equity firm, previously committed to reviving Body Shop, has sold off its struggling segments in Europe and Asia to an unnamed family office. It's uncertain who owns Body Shop's intellectual property within the larger group. Administrators from FRP are now overseeing Body Shop's UK operations, exploring future options, and ensuring continuity in trading. The focus is on securing the brand's future and improving financial stability amid ongoing challenges. Recent restructuring moves include closing The Body Shop At Home and divesting parts of its business. (Source: Property Week)

In 2024, Aldi plans to invest over ￡550 million in expanding and improving its store and distribution network across the UK, creating 1,500 new jobs. This investment is part of Aldi's larger ￡1.4 billion commitment to bolster its operations over the next two years, aiming to meet growing demand and expand into new areas. Aldi's market share has recently reached 9.3%. (Source: Retail Gazette)

Marks & Spencer has initiated a two-day challenge in the High Court against UK housing secretary Michael Gove's decision to block its Oxford Street store plans. Filed in August 2023, the case focuses on procedural grounds and could influence planning decisions regarding heritage buildings. It may set a precedent for developers prioritizing environmental benefits in new-build schemes over refits. The outcome is anticipated in a few weeks. M&S argues that the decision impedes investment and the transition to net zero by misinterpreting planning policy. (Source: Property Week)

In the first half of the fiscal year ending on December 30, Dunelm saw a 4.8% profit increase and a 4.5% sales rise. The growth is credited to a 4.2% rise in active customers, increased transaction frequency, and enhanced offerings across categories and channels. Digital sales accounted for 36% of total sales, up from 34% last year. Despite consumer pressures, CEO Nick Wilkinson remains content with the performance, maintaining unchanged pre-tax profit expectations for the full year. Additionally, Dunelm opened four new stores, bringing the total to 183. (Source: Retail Gazette)

Evri, owned by Advent International, is being considered for sale at a value of ￡2 billion. Advent bought a 75% stake in 2020 for ￡850 million, while Otto Group owns the remaining 25%. Rothschild is advising on the potential sale. In 2023, Evri reported sales of ￡1.4 billion and partnered with JD.com to offer UK brands access to its large Chinese customer base. (Source: Retail Gazette)

Yodel has been acquired by YDLGP Limited, a new entity formed by investors including Solano Partners, Jacob Corlett, and Shift's team. The acquisition, from the Barclay family, aims to create a "disruptive logistics powerhouse." YDLGP plans to merge Yodel with Shift and acquire its tech logistics platform. This move is expected to safeguard jobs and create a "super scale" delivery company. (Source: Business Live)