What a great buy for the Council, and what a great time to buy it…

So, the week after the Council buys the big block of asbestos in the Camberley Mall otherwise known as the House of Frasier, we get this center-page spread in the Sunday Times today… A couple of the comments from Oliver Shah’s article…  Great news on their executive front: Nigel Oddy, the chain’s chief executive, became the latest manager to resign when he handed in his notice last month. Oddy, 56, follows in the footsteps of his predecessor John King, his finance director Mark Gifford, and his chief customer officer Andy Harding, all of whom have left the business…

House of Fraser’s like-for-like sales fell 2% in the eight weeks to September 24, suggesting it was struggling at the start of the crucial Christmas trading season — Its bonds, which dropped to about 87.5p on the Luxembourg stock exchange, have been targeted by distressed debt funds… House of Fraser’s problems come against a backdrop of malaise on the high street. Although retail sales grew at their strongest rate for 14 years in October — 7.4% year-on-year — the numbers seem to have been driven by internet shopping… So having a big walk-in retail building is a real plus… Not…

Next year is expected to be more difficult as the sector is hit by a quadruple whammy: the apprenticeship levy, an increase to the national living wage, rising business rates outside London and the southeast, and sterling’s ongoing weakness against the dollar. Independent analyst Richard Hyman predicted: “Next year is going to be the toughest retail has ever seen.” Soon the bookies will be taking bets on when they are going down, just great…

What stunning good judgment we have displayed by buying this brick…

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s