Business briefs 12/05/2012

Schuh says ‘bonjour’ to French web move

Footwear retailer Schuh will take its first step on to the continent on Monday when it launches a French version of its website.

The firm said that it had appointed a customer service team comprising four French speakers specifically to deal with shoppers from the site. The team will be based at Schuh’s Livingston head office, but the retailer has also secured a Paris phone number for customer inquiries.

The firm said that the launch would allow it to assess its plans to expand into other markets. Schuh’s online sales account for 18 per cent of the business.

Bathstore sale nets £15m for Wolseley

Wolseley, the world’s largest specialist distributor of plumbing and heating products, has sold its Bathstore chain to turnaround specialist Endless for £15 million.

Bathstore, which has more than 160 outlets and opened its first site in Croydon in 1990, was Wolseley’s only consumer brand in the UK, alongside building supply operations such as Plumb Center.

As part of the deal, Endless has agreed to invest £11m of new capital to fund the development of Bathstore, which generated sales of £66m in the nine months to 30 April.

Tesco to close bond after high demand

Tesco Bank is closing its new retail bond on Monday, two days ahead of schedule, because of the level of demand.

The Edinburgh-based bank launched the bond on 2 May, following last year’s issue of two other retail bonds, which raised £185 million. Its latest issue, paying 5 per cent a year until November 2020, is available to those with at least £2,000 to invest.

Chief executive Benny Higgins said the bonds formed an important part of the bank’s funding strategy as it moved towards offering a full retail banking service.

GVA debt swap will fund takeover deals

PROPERTY consultancy firm GVA yesterday confirmed it had carried out a debt-for-equity swap that will increase Lloyds Development Capital’s stake in the firm to 30 per cent by 2014.

Lloyds will swap its loan notes for a further 7.5 per cent of GVA’s equity over the next three years, wiping out £15 million of its debt.

GVA chief executive Rob Bould said the extra strength in its balance sheet will be used for takeovers. He added: “This release of equity will invigorate our business just at a time that many are finding the market tough going.”