Chivers spun off

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GIEVES GROUP, the retailer and publisher, yesterday announced the demerger of its publishing division Chivers, creating a new company called Chivers Communications.

The news coincided with publication of the group's full-year results, which revealed surging pre-tax profits of pounds 2m, 222 per cent higher than in the previous year, while retail sales at Gieves & Hawkes outlets recorded a 4.6 per cent like-for-like increase.

Chief executive Simon Gibbs said: "During the last two years Gieves & Hawkes' fortunes have been transformed, so that it is now trading profitably and does not have to rely on the cash generative powers of of Chivers."