Leicester

Coronavirus: Next puts HQ and warehouses up for sale

Next HQ Image copyright Google
Image caption Next's headquarters are in Enderby, Leicestershire

British retailer Next has put its headquarters and warehouses up for sale in a bid to secure its future during the coronavirus outbreak.

The firm has appointed two agents to sell its head office at Enderby in Leicestershire and three of its warehouses in West Yorkshire.

It hopes the sales will raise up to £100m after stores, warehouses and the website were closed.

It said it was taking "all the measures" to protect the business.

Chief executive Lord Wolfson said this would "secure the cash resources of the business" for the future.

Image copyright PA Media
Image caption Next took the decision to temporarily close its online operations last week

"We have modelled the effects of differing levels of sales declines along with all the measures we can take to ensure that the company remains within its bond and bank facilities," Lord Wolfson added.

"Our industry is facing a crisis that is unprecedented in living memory, but we believe our balance sheet and margins mean that we can weather the storm.

"The crisis will pass at some point. At that time it will be the work we do to move the business forward that will determine our future success."

The firm has 16 warehouses throughout the UK, of which eight are major hubs.

Last week the firm closed all its warehouses and online operations after staff raised concerns about their safety during the current climate.

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