News: Mamas & Papas store closure on the cards
The Rotherham store of premium nursery retailer Mamas & Papas looks set to close after plans were submitted for another retailer to take over the Parkgate Shopping unit.
Last year it was reported that the stores at Parkgate Shopping in Rotherham and Meadowhall in Sheffield were considered "currently unviable." The two local stores joined 23 others where the retailer asked for a 50% reduction in rent.
British Land operates a 50/50 joint venture with Norges Bank Investment Management for Meadowhall and has Parkgate in its portfolio via the Hercules Unit Trust (HUT), the specialist retail park fund.
Huddersfield-based Mamas & Papas was established in 1981 by David and Luisa Scacchetti and has grown to over 60 stores in the UK and Ireland. A wider restructuring plan for the group was announced following investment from Bluegem Capital Partners in July last year.
As part of the restructure, experts at Deloitte were appointed by Mamas & Papas (Retail) Limited to negotiate a Company Voluntary Arrangement (CVA) to revise lease terms for its stores. A CVA is often used by insolvent companies to negotiate new payment terms or periods with its creditors, in this case, the rent on retail property.
A CVA was agreed, which staved off administration, but a number of UK stores and outlets have closed.
The proposed new occupier for the Parkgate unit is growing Yorkshire-based card retailer, Card Factory. Having opened its first store in Wakefield in 1997, it has grown consistently year on year and now operates from over 700 stores across the UK.
The company floated on the London Stock Exchange in 2014 with the aim of opening up to 1,200 stores in total over the next ten years.
Now, the Wakefield-based firm has submitted a planning application for new signage at the Mamas & Papas unit. Card Factory recently opened on the Tanyard in Wickersley, the second in the borough, following the first on College Street in Rotherham town centre.
Card Factory is a multi-price point value retailer principally offering single cards at various price points of less than £1. The high returns business model means that stores can operate profitably in a wide range of locations and demographics from major centres, retail parks, suburbs of major urban areas and affluent towns.
Also in Parkgate, with units nearly complete at the new retail development on the former car showroom on Great Eastern Way, the name of Gregory Projects' 50,000 sq ft development is set to be "Gate Park." Pizza Hut Delivery is the latest planned occupier, which would join Aldi, Iceland, Home Bargains, Formaula One Autocentres and Banardo's.
Card Factory website
Parkgate Shopping website
Images: Card Factory
Last year it was reported that the stores at Parkgate Shopping in Rotherham and Meadowhall in Sheffield were considered "currently unviable." The two local stores joined 23 others where the retailer asked for a 50% reduction in rent.
British Land operates a 50/50 joint venture with Norges Bank Investment Management for Meadowhall and has Parkgate in its portfolio via the Hercules Unit Trust (HUT), the specialist retail park fund.
Huddersfield-based Mamas & Papas was established in 1981 by David and Luisa Scacchetti and has grown to over 60 stores in the UK and Ireland. A wider restructuring plan for the group was announced following investment from Bluegem Capital Partners in July last year.
As part of the restructure, experts at Deloitte were appointed by Mamas & Papas (Retail) Limited to negotiate a Company Voluntary Arrangement (CVA) to revise lease terms for its stores. A CVA is often used by insolvent companies to negotiate new payment terms or periods with its creditors, in this case, the rent on retail property.
A CVA was agreed, which staved off administration, but a number of UK stores and outlets have closed.
The proposed new occupier for the Parkgate unit is growing Yorkshire-based card retailer, Card Factory. Having opened its first store in Wakefield in 1997, it has grown consistently year on year and now operates from over 700 stores across the UK.
The company floated on the London Stock Exchange in 2014 with the aim of opening up to 1,200 stores in total over the next ten years.
Now, the Wakefield-based firm has submitted a planning application for new signage at the Mamas & Papas unit. Card Factory recently opened on the Tanyard in Wickersley, the second in the borough, following the first on College Street in Rotherham town centre.
Card Factory is a multi-price point value retailer principally offering single cards at various price points of less than £1. The high returns business model means that stores can operate profitably in a wide range of locations and demographics from major centres, retail parks, suburbs of major urban areas and affluent towns.
Also in Parkgate, with units nearly complete at the new retail development on the former car showroom on Great Eastern Way, the name of Gregory Projects' 50,000 sq ft development is set to be "Gate Park." Pizza Hut Delivery is the latest planned occupier, which would join Aldi, Iceland, Home Bargains, Formaula One Autocentres and Banardo's.
Card Factory website
Parkgate Shopping website
Images: Card Factory
1 comments:
Nearest stores are now Nottingham / Huddersfield / Leeds / Manchester. Disappointing.
Post a Comment