Friday, September 22, 2017

Primark to buy Birmingham shopping centre for £60m

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Fast fashion retailer Primark could finalise a surprising deal to buy a Birmingham shopping centre for £60m by the end of the week.

Half of the 250,000 sq ft Pavilions shopping centre will be used as one of Primark’s largest stores, with the other half rented out to other retailers. Waterstones, M&S and Evans currently have stores at the centre.

Primark have reported strong results in April, as profits soared 26 per cent to £298m in six months.

The retailer has opened stores in nine European countries including France recently and will open its first US store in Boston next year.

Meanwhile, Associated British Foods, who own Primark is in talks to buy Dorset Cereals from Welness for around £50m.

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