CARGO CLUB FAILURE HITS NURDIN

The failure of the Cargo Club warehouse format wrecked last year's results at Nurdin & Peacock, the cash and carry retailer. Cargo Club, a membership shopping concept imported from the United States, was launched with great fanfare in 1993 but failed to take off in Britain. N&P sold its three outlets to Sainsbury for £45m last month.

The £13m trading losses incurred at Cargo Club, together with other reorganisation and conversion costs, caused N&P's profits to halve in the year to December, from £32m to £16.5m.

Investment Column, page 34

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