Another Blow For The High Street As Chain Collapses

Published on: 25 Oct, 2019
Updated on: 30 Oct, 2019

By Hugh Coakley

Links of London, whose designs were said to have been a long-time favourite of the Duchess of Cambridge, has announced a closing down sale in its Guildford shop after going into administration earlier in the month.

Links of London, in Guildford High Street next to Swan Lane, announcing a closing down sale. The administrators expect it to remain open through the Christmas trading period.

Staff in the shop today said that they weren’t able to comment but that it was an emotional time for them.

The collapse affects 28 standalone stores across the UK and Ireland and seven concessions. The company employs around 350 staff. No redundancies are being announced at this stage.

A spokesperson for the administrators, Deloittes, said: “We have already closed three other stores but Guildford wasn’t one of them.

“There is currently no plan or date to close the Guildford store. The signs [in the shop] indicate the opposite, but the store remains open. It remains open and should be through the Christmas trading period while we continue to seek a buyer for the business.”

Mike Ashley and Hilco Capital, the owner of Homebase, have been reported as potential bidders for the stricken business.

It is another blow to the High Street after Monsoon / Accessorize, Karen Millen, LK Bennett and Thomas Cook, all in prime locations in the town centre, have closed in Guildford in the last six months.

The closures come at a troubling time for a significant number of the town’s high profile chains as they continue to battle against adverse retail conditions. Nationally, shop vacancy rates have crept up over 10% in the last five years and the British Retail Consortium has reported the 15th consecutive quarter of year-on-year decline in the retail workforce.

Mid-season sale at House of Fraser continues the almost constant ‘sales’ in the chains over the last several years.

Guildford has tended to do better than the national average but shops in Guildford, including House of Fraser, Debenhams, Arcadia and M&S, are still struggling against falling footfall, online competition and rising costs.

Next, Claire’s Accessories, Office Shoes, White Stuff, Russell & Bromley, Vodaphone and The Carphone Warehouse have all reported trading difficulties and reduced profits in the last 12 months.

And some Boots outlets in Guildford, including the High Street branch, could close in a move by the company to rationalise branches where there is a large number within close proximity. Boots has seven branches in Guildford.

There always seems to be a sale on in the High Street now.

Another ‘Clearance Everything Must Go’ sale. Mountain Warehouse staff said that they had been having to tell customers that they were not closing, just clearing space for new stock.

Links of London reported a loss of £20.5m and revenues of £42.9m in 2017. The Greek owner, Folli Follie, was reported to have overstated its 2017 revenues by more than €1bn, according to an audit ordered by the company and was fined €20.3m by the Greek securities regulator over the manipulation of its financial statements.