Next to sell Leicestershire HQ to boost virus lockdown funds


Next hoping to raise £100m by selling its Leicestershire HQ to boost virus lockdown funds

Next is hoping to raise up to £100million from the sale of its headquarters and three warehouses as it tries to raise cash to ride out the coronavirus lockdown. 

The fashion retailer has appointed agents to sell its head office in Leicestershire and warehouses in West Yorkshire. 

The sale and leaseback deals are part of a strategy announced at its annual results last week. 

Property sale: Next has appointed agents to sell its head office and warehouses in West Yorkshire

Bosses are braced for up to £1billion of sales loss in the year to April 2021 – a figure which accounts for four weeks of zero revenue caused by the shutdown. 

The group shuttered its stores ten days ago, with its online business following a few days later, after pressure mounted to protect warehouse workers. 

It has slashed investment plans by £45million and expects to preserve £260million this year by suspending its share buyback scheme. 

To keep enough cash to pay its bills, Next is considering deferring £147million of shareholder dividends.