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New Look to close all stores in Republic of Ireland in 'difficult but necessary' decision

2025-09-08 09:56:49 By

New Look on Team Valley to close on March 9

High street fashion behemoth New Look has announced its complete withdrawal from the Republic of Ireland, putting all of its employees in the country at risk of redundancy.

The retailer's Irish division, which employs approximately 347 individuals, has initiated redundancy procedures following years of sustained losses, as reported by City AM.

The privately-owned firm cited an increasingly unpredictable external environment as the reason for its decision to cease trading in the Republic of Ireland, according to the BBC.

"We have adapted to this evolving landscape by investing in our product proposition and digital offer. However, due to the increasingly volatile trading conditions we needed to expedite our existing plans, which included conducting a review of our operations in the Republic of Ireland," the company stated.

New Look has faced a turbulent few years, with job cuts at its head office, a reduction in total store count from 800 to 400, and a shift in focus towards online shopping.

Staff were informed immediately after the appointment of liquidators at the High Court and a 30-day staff consultation process has begun, reports suggest.

The change will reportedly not affect its parent company in the UK, which will continue to trade both online and in-store.

The retail sector has been grappling with challenges for over a decade, with the shift towards online shopping being exacerbated by the aftermath of Covid-19 and high taxation.

As early as 2023, customer footfall was down by 10% compared to 2019 levels, and even lower in major cities.

According to the British Retail Consortium, retail costs are expected to rise by an additional £7bn across the industry next year due to a combination of the minimum wage increase, the packaging levy and higher national insurance costs.

The Centre for Retail Research (CRR) has forecasted that over 200,000 retail jobs and more than 17,000 stores are set to vanish next year.

A spokesperson for New Look stated: " Over the past few years, we have had to navigate a tough external environment which has only become more unpredictable. While we have adapted to this evolving landscape by investing in our product proposition and digital offer, the increasingly volatile trading conditions have meant we need to expedite our existing plans."

"Following a review of our operations in the Republic of Ireland, we concluded it was no longer viable to continue trading so had to make the difficult but necessary decision to put the business into liquidation."

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Lurpak maker Arla Foods eyes cuts as it battles rising prices and 'consumer uncertainty'

Arla Foods, the dairy behemoth behind brands such as Lurpak and Cravendale, has issued a warning that it is planning to make cuts of up to €110m (£91.1m) in 2025 due to escalating prices and consumer uncertainty. The Danish-Swedish multinational co-operative, which has a significant footprint in the UK and its headquarters in Leeds, also anticipates reporting a revenue of between €14.5bn to €15.3bn this year, driven by high dairy prices, as reported by City AM. However, the company cautioned that these same elevated price levels, coupled with consumer uncertainty, "are expected to pressure branded volume-driven revenue growth", which is predicted to drop to just between one and two per cent. Arla further stated that it plans to achieve "efficiencies" in 2025 of between €90m and €110m. These projections were announced alongside Arla's group revenue of €13.8bn for 2024, an increase from the €13.7bn it posted in 2023. In the UK, branded revenue rose by £89m, but overall revenue in the country declined by 2.9 per cent year on year. Arla attributed the decrease to "changes in the external landscape such as lower prices and overall milk volume declines, plus adjustments to private label volumes". This comes after Arla faced calls for a boycott in November 2024 when it revealed plans to test Bovaer, a feed additive, on some of its UK cows. The boycott was sparked by misinformation about the safety of Bovaer. Bas Padberg, managing director of Arla Foods UK, remarked: "2024 was clearly a year of strong branded growth, which really highlights the power of the portfolio and product mix we have, as shoppers look for quality, nutritious and tasty products." He further stated that as a cooperative, their aim is to generate the best returns for their owners and noted, "through strong collaboration and the support of the farmers, our customers and the whole business, means we can give back to our farmers for the hard work they do in producing our food and investing for the future of the dairy industry." Padberg added on the nutritional value of milk, "As a nutrient dense food, milk can play an important role in contributing to a healthy, balanced diet."

'VAT costs are killing industry' - Exeter salon boss warns chancellor ahead of Spring Statement

An Exeter hairdresser is among UK salon owners urging the chancellor to throw the sector an "economic lifeline" as a new report highlights how an unbalanced tax system is "decimating" the industry. Nathan Plumridge, owner of Darts Farm-based Energy Hair, has warned VAT costs are "killing the industry". His business, which employs 25 staff, is also about to see its wage bill rise by £50,000 following Rachel Reeves' national insurance (NI) hike for employers. "It’s not a pretty picture for the industry," he told Business Live. "It’s really alarming. When you look at the amount of salons shutting down and then reopening up as a self-employed salon. It’s having an impact on education and standards." Mr Plumridge says the main issues for salon owners are increased NI contributions and rates of pay. He says the costs will make a "massive dent" in the number of apprentices business like his can afford to take on. "Business are not going to be employing as many people because of the cost and it stifles growth. A lot of salons are still reeling from the impact of Covid and the problems are being compounded by these other financial challenges." The entrepreneur says salons are "cautious" about hiking prices, but rising costs may mean there is no option but to do it. "If nothing is announced [in the Spring Statement], it will lead to more closures within the sector. It’s a micro industry and run generally by owner operators who are on the floor… people are still feeling the impact of Covid and any additional pressure is coming out of the bottom line. So what do you do?" According to analysis commissioned by independent consultancy CBI Economics, unless changes are made within the industry there will be no new apprenticeships by 2027 and a 93% fall in employment by 2030. The British Hair Consortium, which represents 50,000 UK hairdressing professionals, is calling for Rachel Reeves to halve the VAT salons pay on labour costs to 10% to help them overcome recruitment challenges. “Our industry has been ignored for years and we’re calling on the government to correct decades of mismanagement,” said Toby Dicker, co-founder of the British Hair Consortium. “Most owners haven’t had a pay rise in many years and simply can’t consider expanding their business, let alone take on an apprentice. “A one-size-fits-all tax system doesn’t work and has created an unlevel playing field. Increasing numbers of owners are either closing their salons or changing their employment practices and are renting chairs to contractors just to survive. This report shows how cutting VAT to 10% won’t cost the Government a penny. It would save salons across the country and ensure the future of our industry which sits at the heart of the high street.”

Club L London almost triples in size as it targets international expansion

Fashion retailer Club L London is eyeing international expansion after its sales and workforce nearly tripled over two years. The Manchester-based company reported a turnover of £44.4m for the 14 months ending 31 March, 2024, according to recent filings with Companies House, as reported by City AM. This surge in revenue follows a previous year's turnover of £29.5m and £15.7m the year before that. The firm also saw its staff numbers grow from 64 to 94 in the latest financial period, up from 35 employees in January 2022. Despite the impressive sales growth, Club L London experienced a slight decline in pre-tax profits, dropping from £3.6m to £3m. The company attributed this dip to "poor consumer confidence" driven by "high and persistent inflation and a cost-of-living crisis". Nevertheless, the directors remain optimistic, expecting pre-tax profits to exceed the levels seen in January 2023 by 2025. The business anticipates further growth both domestically and internationally. The board's statement highlighted the brand's continued growth during the extended 14-month financial period, despite economic challenges: "The extended 14-month financial period... was a period of continued growth for the brand." It also acknowledged the difficult economic environment: "This is despite a backdrop of poor consumer confidence caused by high and persistent inflation and a cost-of-living crisis."

Hair salons tell Chancellor to cut VAT to save industry from 'existential crisis'

The North’s hair and beauty industry could face a long-term crisis unless the Government cuts VAT – that’s the message from the owners of salons across Merseyside. The British Hair Consortium (BHC) says the tax system is “crushing” high street salons and that the whole industry so vital to the region’s economy is facing an "existential crisis". Collinge & Co has been in Liverpool city centre for decades and every year trains dozens of apprentices who will be the future of the industry. But its boss Charlie Collinge says his company has already had to close one salon as rising costs bite – and warns that without more Government support the flow of apprentices to the industry could stop altogether. Like other high street companies, hair and beauty firms are also coping with the upcoming rise in National Insurance costs. Collinge & Co said that rise in costs was a factor in the closure of its Ormskirk salon. Meanwhile the owner of three Sefton salons says VAT is her biggest challenge and says she fears for the future of the industry. The BHC is today issuing a report by consultancy CBI Economics saying the Government must “urgently halve the VAT salons pay on labour costs to 10%” to help salons stay competitive. It says that because hair and beauty work is labour-intensive, taxes on labour hit salons harder than other high street businesses. More hairdressers are choosing to work on their own rather than being employed at salons – such as by renting chairs at a shared salon – to save money. But the BHC says sole traders are generally not taking on apprentices, unlike traditional salons. It says that if the trend goes on then "by 2027 there may be no new apprenticeships offered". Charlie Collinge, managing director of Liverpool’s Collinge & Co, said last year the business had 300 applications for 64 apprenticeship places. It managed to fill 60 of those places. This year’s apprenticeship scheme has been open for two months and has already had more than 120 applications. But so far it has only had 17 businesses express an interest in taking an apprentice. Charlie told BusinessLive: “If you've got over 300 people applying for an apprenticeship. You should be able to fill 64 places, you really should. But I really don't think we will. “Realistically, we could be looking at not being able to afford to run as a training provider if we can't fill or get close to filling 64 places. And then there's no apprenticeships. Then you're talking about there being no apprenticeships offered in all of Liverpool City Region.” Charlie said the industry offered a great career and good pay – but that he was worried the pipeline of trainees could slow dramatically unless training providers like his were offered support. He said: “We've offered amazing opportunities to people. It really does give people a good career. There's good progression, good career security. There's always going to be demand for hairdressing. The current hairdressers are okay. But if we don't have apprentices coming through, there's going to be a really big issue.” Charlie says he wants Chancellor Rachel Reeves to use her spring statement next month to cut VAT for hair salons. He said: “We believe we're unique. We believe we've got the highest wage bill on the high streets. For some businesses, over 60% of their turnover is going on wages. So when there is something like an NI increase, that's hitting us twice as hard as the hospitality business, it's hitting us three times as hard as a retail business. So these increases aren't equal. “ The Collinge family has worked in hairdressing since the 1940s. Peter Collinge opened his city centre salon in 1954 and became one of Britain’s most famous hairdressers. His son Andrew followed in his footsteps, becoming a regular on ITV’s This Morning alongside wife Liz. Andrew was also passionate about training in the industry – as his son Charlie, who now leads the business. As well as its flagship Castle Street salon, Collinge & Co also has a salon and training academy at Bold Street in Liverpool city centre, a salon in Heswall in Wirral, and a concession in Selfridges at the Trafford Centre. Its Ormskirk salon will close next month. Mr Collinge estimates 70% of the industry is now self-employed rather than working in or running salons. He said: “An owner of a wholesaler told me that there's no less hairdressers out there, because they know that from the amount of product they're selling to people, but they don't know where the hairdressers are operating.” And he added: “Therefore, there's less and less salons that even operate a PAYE system so that therefore are offering apprenticeships. So that's the challenge. “So let's say 70% of the industry is self-employed. Because that's dominant and it's cheaper, it makes it very difficult for you (as a salon owner) to then grow your business. “I could put a job out for this salon… and we probably won't get many applications because people want to be self-employed, so it's very difficult for you to grow your business. So our succession plan is apprentices. Without apprentices, we cannot bring hairdressers into our business.” The NI increase means Collinge & Co’s NI bill will rise 37%. But for its Ormskirk salon alone, the NI bill will rise 70% because it has several staff who work part-time and enjoy working flexible hours. Mr Collinge said: “That NI threshold change hits that side of the business so much harder than a large business with full-time employees or people on high salaries. The hairdressing industry has always offered flexi working and it feels like we're getting hammered for it with this NI bill.” And he added: “It's a labour intensive industry. Someone comes in, they've got someone's undivided attention for the entire time they're in. There's not many other businesses where you go in and you have that one-on-one relationship… there isn't, basically, is there?” Denise Thomas has hair salons in Litherland, Crosby and Netherton. She said: “I’ve been a hairdresser for almost 47 years and a salon owner for 25 years and one of the biggest challenges I’ve faced over the years has been VAT. “A growing number of salons now operate with chair renters who don’t have to pay VAT, which allows them to keep their prices low and creates an uneven playing field. “I also worry about the future for the next generation of stylists. Who will train them? Recently I had to make the difficult decision to let my two newest apprentices go because I simply can’t afford them. “My training provider has no salons on their books looking for apprentices this year, as chair rental salons don’t typically train apprentices. If salons like mine continue to be squeezed, they’ll become less and less viable, making it even harder for employers like me to secure a stable future.” The British Hair Consortium represents 50,000 UK hairdressing professionals. Its co-founder Toby Dicker said: “Our industry has been ignored for years and we’re calling on the Government to correct decades of mismanagement. Most owners haven’t had a pay rise in many years and simply can’t consider expanding their business, let alone take on an apprentice. “A ‘one size fits all’ tax system doesn’t work and has created an unlevel playing field. Increasing numbers of owners are either closing their salons or changing their employment practices and are renting chairs to contractors just to survive. This report shows how cutting VAT to 10% won’t cost the Government a penny. It would save salons across the country and ensure the future of our industry which sits at the heart of the high street. “Ireland has recognised this and dropped its VAT on labour intensive businesses in hairdressing and hospitality to nine percent. The change is working – new salons are popping up and paying tax while workers are also benefiting from improved employment rights.”

Luxury stocks bounce back as high street brands Asos and Primark struggle

Luxury stocks are once again outpacing high street brands as investors anticipate a luxury resurgence. Brands that faced difficulties last year, such as Burberry and Kering, are making a comeback, while firms heavily reliant on physical stores like Primark are finding it tough, as reported by City AM. The top ten luxury retailers by market cap have seen their stock price increase by an average of 19 per cent so far this year. In contrast, high street stocks have only risen by 11 per cent, with the share prices of JD Sports, Asos and Primark-owner ABF declining in the past two months. The average performance of high street stocks has been buoyed by German retailer Zalando, which has seen a 23 per cent rise in its share price this year. The e-commerce giant's share price has rocketed by 101 per cent over the past year, significantly outperforming its competitors. "Over the past year, lower-cost high-street brands fared better in general as value-conscious consumers prioritised affordability amidst sticky inflation," said Lale Akoner, global market analyst at eToro. "Yet some of the most recognisable names to British shoppers within our basket – Asos, JD and Primark – were not part of this growth. Instead, they were burdened by persistent inventory and profitability issues, highlighting the pressures facing fast fashion in a competitive, discount-driven environment." Seven out of the ten largest listed high street firms have seen their share prices fall over the past five years. Despite a significant downturn in the post-pandemic period due to weak demand from China and overstretched European consumers, luxury is making a comeback. Burberry is poised to rejoin the FTSE 100 after being dropped from the index last September, and even Kering, which has been struggling, has seen its share price increase by 19 per cent since the start of the year. The luxury sector received a boost following impressive results from Richemont in January, which lifted luxury stocks globally. RBC analysts Piral Dadhania and Richard Chamberlain predicted late last year that the luxury market would see an upturn in 2025, with promising opportunities in North America and a stabilisation of the Chinese market. "Whilst luxury has generally been a tough sector [in the second half of 2023 and in 2024]... the setup is improving," the analysts stated. However, Akoner cautioned that "it will take some time for [troubled stocks] to claw back their share price, especially as the Chinese economy is still facing challenges." Hermes continues to outperform, with its stock price increasing by 296 per cent over the past five years and 21 per cent since the start of the year.

Plans to demolish entire row of shops and flats in Bristol

Plans to demolish and rebuild an entire row of shops and flats as part of a multi-million regeneration scheme are inching closer to approval. A revised set of proposals for the west side of Filwood Broadway has been submitted to council planning officers, with work potentially starting this year if approved. The scheme involves the demolition of all buildings from 4 to 16 Filwood Broadway, including shop units and flats above on the western curve, facing the play space and community centre. Behind the shops, a larger residential development is already under way on land that once housed the area's art deco 1930s cinema building. The shops will be replaced by new business units and 18 'affordable' flats, built to high-tech specifications with eco-features like solar panels and heat pumps. The plans were first submitted in November as part of the wider Filwood Broadway regeneration scheme, which received £14m from the Government's Levelling Up fund in 2023. This funding is being used for a complete refurbishment of the community centre, this residential development, and other enhancements to the area. The proposal has received only one formal objection, although the Bristol Civic Society expressed its support in principle, with a single issue concerning the internal layout of the flats. This week, the council's housing department, which is spearheading the project, submitted an entirely new set of documents detailing improvements to the area's water, sewage and drainage systems, solar panel designs, and revised plans for the building's facade, reports Bristol Live.

New Lidl supermarket to be built on edge of Somerset town

As many as 40 new jobs are set to be created on the southern outskirts of Bridgwater following approval for a new Lidl supermarket near the M5. Lidl GB Ltd submitted an application in January 2024 to construct a new store on Carnival Way within the Bridgwater Gateway site, which is slated to eventually house nearly 500 new homes and commercial units just a stone's throw from junction 24 of the motorway. After about a year of consultation, Somerset Council has greenlit the plans, meaning construction could commence before the year's end. This approval will also expedite the creation of a new pedestrian crossing over Wilstock Way, ensuring safer access between the new homes and local amenities via the Wilstock and Stockmoor Country Park. The new store will be situated on the southern side of Carnival Way – just east of the Costa Coffee drive-thru outlet, where Domino's Pizza and Greggs are also planning to open new units – and south of new industrial units which received planning consent in May 2023. Access will be from Carnival Way, with provision for 105 parking spaces – including six accessible spaces, nine parent and child spaces, two electric vehicle charging bays and 12 motorcycle spaces. Pedestrian access will be facilitated along Carnival Way and the A38 Taunton Road using the existing walking and cycling network. German supermarket group Lidl, has consented to contribute some £31,200 towards the creation of a new signal-controlled crossing over Wilstock Way. This crossing will connect the Wilstock and Stockmoor housing estates to the A38, facilitating access to the store for local residents and enabling future inhabitants of the Bridgwater Gateway homes to walk or cycle to Somerset Bridge Primary School without traversing the bustling main road. Dan Templeton, director of Planning Potential and acting on behalf of the supermarket, said: "It is not within Lidl's gift to provide a pedestrian access directly from Wilstock Way. "Lidl has committed to providing a financial contribution towards the delivery of a new light-controlled pedestrian crossing on Wilstock Way, which will be secured through a Section 106 agreement. "This will ensure that an improved crossing point is provided for customers visiting the store from the Wilstock and Stockmoor area to the north. "The crossing itself will be delivered by Somerset Council's highways department as part of planned improvements to the local area." Lidl also recently contributed to the extension of the Strawberry Line active travel route with its new, larger outlet on the A39 Strawberry Way in Wells, which opened in late January. The plans for Carnival Way were approved via the council's planning officers' delegated powers, rather than by a public decision by its north planning committee, which typically handles major applications within the former Sedgemoor area. Construction on the new store is anticipated to start later in the year.

B&M shares tumble as it cuts profit guidance and announces CEO exit

Shares in discount retailer B&M have taken a hit as the company lowered its profit guidance for the year, struggling to make headway in an increasingly competitive market. The firm's share price dropped nearly five per cent in early trading, as reported by City AM. B&M, which has its head office in Liverpool, now anticipates earnings before interest, tax, depreciation and amortisation (EBITDA) to fall between £605m and £625m, a decrease from the previous range of £620m to £650m. For the year ending March 30, 2024, it reported EBITDA of £629m, marking a 9.8 per cent increase year on year and hitting the top end of its guidance. The revision is attributed to current trading performance, economic uncertainty, and potential exchange rate volatility. The UK retail sector has been under significant pressure due to dwindling consumer confidence and income, evolving consumer preferences, and rising wage bills. This poses a particular challenge for B&M as competition intensifies in its traditional market. Major supermarkets are vying for the discount market with price-matching schemes, while other discount chains are rapidly expanding their store networks. B&M shares have plummeted over 34 per cent in the past six months. However, analysts at Panmure Liberum remain optimistic, stating they "remained steadfast that the cash returns profile and the quality of the earnings means this remains a Buy." They have reduced their target price for the stock from 630p to 600p. Alex Russo is set to step down as CEO of B&M at the end of April, following a three-year tenure. The company's board has informed markets that it is in the "advanced stages" of appointing a new CEO and will provide further updates "in due course." Analysts at Panmure Liberum commented on the situation, stating, "The retirement of Alex Russo and a downgrade are unlikely to be mutually exclusive events... the performance of B&M has been disappointing for the past year." Reflecting on his time at the helm, Russo said: "I have thoroughly enjoyed my time at B&M... The business has been successfully steered through the pandemic years and is now larger and stronger with group revenues increasing by almost 50 per cent and cash distributions to shareholders in excess of £2bn during my tenure." He added, "It has been professionally rewarding to assemble and work with a high quality leadership team and to retire leaving growing businesses with great potential in both the UK and France. I wish the board and the leadership team every success in the years ahead."

UK hospitality sector's confidence plummets, facing higher costs and tax pressures

Confidence among Britain's hospitality sector leaders is dwindling, with only a third feeling optimistic about the forthcoming year's trading amid escalating costs. This troubling trend marks the fifth consecutive month of declining confidence in the industry, as reported by CGA by NIQ's most recent Business Confidence Survey, as reported by City AM. Morale has now plummeted to its bleakest point since late 2022 and stands as the second lowest since the Covid lockdowns of 2020. Michael Kill, the head of the Night Time Industries Association (NTIA), has openly expressed that the current climate is "more concerning than anything we saw during the pandemic". Adding to this concern is the reality that profitability has been significantly undermined by rapidly increasing labour expenses, with an overwhelming 99 per cent of enterprises acknowledging a rise in their wage bills over the previous year. Despite many in the hospitality sector experiencing robust trade over Christmas, merely a third of businesses have reported a profit uptick during this interval. The situation is expected to become more strenuous from April when employers will be hit with additional labour costs. Insights from UKHospitality indicate that changes to national insurance contributions (NICs) are anticipated to inflate the cost of employing an average worker by £2,500. Earlier in the week, it emerged that a third of UK hospitality companies might have to downsize their workforce due to increased taxation. Alarming figures from UKHospitality suggest that one in ten may need to shutter at least one establishment, while just shy of two thirds are set to withdraw investment plans. "Pubs, brewers and hospitality venues will be forced to make painful decisions to weather these new costs, which will have damaging impacts on businesses, jobs and communities," warned the UK's three core hospitality trade associations – UKHospitality, the British Beer and Pub Association, the British Institute of Innkeeping and Hospitality Ulster – in a joint statement. Recently, City broker Peel Hunt raised alarms about the future of British pub culture, stressing that structural pressures and tax increases are putting it at risk. Hospitality was noted as the primary contributor to economic growth in November and December; however, according to Peel Hunt, tax rises announced in the October budget "halted and reversed a year-long upgrade cycle". Both hospitality and retail sectors have been appealing to the Government for a phased introduction of changes to employer's national insurance (NICs), and earlier this year, Baroness Noakes introduced a related bill.

Wetherspoons boss warns prices 'certain to rise' following national insurance hike

The boss of pub chain Wetherspoons has warned that prices are "certain to rise" when the national insurance (NI) hike comes into force in April. Devon-based entrepreneur Sir Tim Martin told Sky News the chancellor's plan to increase employers' NI contributions would cost his business £1.2m a week. In the Autumn Budget, Rachel Reeves confirmed NI for companies would rise from 13.8% to 15%, alongside a reduction in the threshold for employee wage eligibility for the tax from £9,500 to £5,000 a year. "There will definitely be an increase [in prices], and an increase in inflation as a result of the tax increase," he told Sky on Wednesday. Sir Tim also slammed the "level of taxes" the hospitality industry is facing. He said: "It's more for pubs and hospitality than for supermarkets because we've got more labour costs per pint." The pub tycoon criticised "modern politicians", saying "they don't understand and have a natural feel for the importance of free enterprise". In October, Wetherspoons revealed its profits had rebounded as strong customer demand boosted revenues. Pre-tax profits jumped 73.5% to £73.9m for the year to July 28, compared with the previous year. Last summer, Sir Tim netted nearly £10m after selling more than one million shares in his company. The outspoken entrepreneur sold 1.36 million ordinary shares at a price of 739p apiece. His comments come as businesses across the UK brace for an increase in NI contributions from April. Business leaders in the beauty industry have warned the changes to NI will "stifle growth", and have called for Rachel Reeves to provide support in the Spring Statement.