// Fenwick sells its New Bond Street store for £430m

// The business said it didn’t have plans for further store closures

Fenwick’s New Bond Street store will close its doors in 2024 after over 130 years of trading as the department store has sold the property to investors Lazari for £430m.

The move will see the retailer’s physical presence cut to eight department stores and follows a number of major closures over the past decade including in Leicester and Windsor.

Chairman Simon Calver told the Times: “Decisions like this are always difficult but it is absolutely the right thing for the business.

“This was about what we need to do to ensure the business is on a really strong financial footing and can survive for another 140 years.”

The business said it didn’t have plans for further store closures and would seek to redeploy Bond Street staff at other stores where possible.

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Chief executive John Edgar said: “The capital injection from this transaction will put Fenwick in a much stronger position to grow its online business and concentrate on cementing our position as the home of excellent hospitality and a premium retail edit. After considering a range of different options, it was decided that selling the Bond Street property is the right course of action to set us on the strongest possible footing for the future.”

Chair Simon Calver said: “This year Fenwick marked 140 years as a successful British retailer, and this deal will enable the business to continue to serve communities in stores and online for many years to come. The sale has been a difficult decision for the Fenwick family, who are committed to providing the business with the means to thrive for the long term. Their support will enable the next stage of the journey for the Fenwick family business.”

Back in October, the business said it grew sales and cut losses over the last year as it moved away from discounting.

The retailer’s gross sales surged 71% to £240 million in the year to 28 January as operating losses were more than halved from £45 million to £18.3 million.

Meanwhile, pre-tax losses were cut by 95% from a £112 million to £5.2 million over the year.

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