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 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Shock poll shows voters believe Ukip is to the left of the Tories
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Ukip candidate jokes about 'shooting peasants' in racist and homophobic rant
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
iJobs Money & Business
$200 - $350 per annum: Carlton Senior Appointments: Managing Producer Office...
$125 - $225 per annum: Carlton Senior Appointments: San Fran - Investment Advi...
Up to £70,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...
Up to £65,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...