Electricity firms flee after nasty brush with retail market after
Monday 10 April 1995
Seeboard, which serves the South-east, has 59 stores but made operating profits of just £1.8m on sales of £54.3m last year. With a market share of just 0.6 per cent, the company is considered too small to compete with players such as Dixons and Comet. The stores are described in the report as "typical of the plush dullness of so many Recs".
Northern, which recently gained a respite from a hostile takeover attempt by Trafalgar House, has an even smaller market share of just 0.4 per cent.
"It's a question of commitment and expertise," says Verdict's Richard Hyman. "The Recs really had retailing just thrust upon them. It's not central to their business."
The electricity companies have been falling over each other to get out of the "mayhem" market. The last two weeks have seen Manweb sell its superstores to Scottish Power and SWEB throw in the towel after an offer from Norweb.
These high street chains were drowning in a sea of red ink. Manweb's five out-of-town superstores lost £500,000 last year, forcing the company to make total provisions of £16m
The market has been so brutal that even Thorn EMI decided to withdraw its support for Rumbelows while Comet, the chain owned by Kingfisher, fell to a loss. Eastern, Yorkshire and London Electricity have already sold up after heavy losses.
- 1 Stephen Fry explains what he would say if he was 'confronted by God'
- 2 Venezuela Expo Tattoo 2015: Extreme body art from 'Vampire Woman' to 109mm earlobes
- 3 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 4 Ball pool for adults opens in London
- 5 Rashida Jones speaks out against male-centric porn saying 'women should have sex and feel good about it'
Stephen Fry explains what he would say if he was 'confronted by God'
9 reasons Greece's experiment with the radical left is doomed to failure
Have we reached 'peak food'? Shortages loom as global production rates slow
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
Hard line on immigration could cost Tories the election
iJobs Money & Business
£40000 - £50000 per annum: Recruitment Genius: This is an exciting opportunity...
£30000 - £35000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...
£13000 per annum: Recruitment Genius: This Pension Specialist was established ...
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...