Latest news with #stationery
Telegraph
01-07-2025
- Business
- Telegraph
King's stationery supplier Smythson bought by Cameron ally after years of losses
Smythson, the stationery supplier to the Royal family, has been sold to an investment fund founded by an ally of Lord Cameron following years of losses. The 138-year-old group, which once employed Lord Cameron's wife, Samantha, as creative director, has been acquired by Oakley Capital, a private equity firm founded by entrepreneur Peter Dubens. The sale comes after years of losses during which Smythson was forced to grapple with declining consumer confidence and soaring costs, leading to a string of shop closures. The company holds a Royal warrant to supply stationery and office supplies to the King and Queen having been granted its first warrant by the late Queen in 1964. Its ties to the Royal family date back to the 1890s when the group was commissioned to produce stationery for Queen Victoria and it also held a Royal warrant from the late Queen Elizabeth the Queen Mother. Mr Dubens is a former Tory donor and ally of the former prime minister, who has given tens of thousands of pounds to the Conservatives over the last two decades. Mr Dubens reportedly bid £20,000 for a tennis match with Lord Cameron when he was leader of the opposition, and in 2015 made Lord Cameron an honorary member of Mark's Club, the members' club he co-owns with billionaire restaurateur Richard Caring. Founded in 1887 by Frank Smythson, Smythson started life as a producer of stationery before beginning to make handbags in the 1900s. It has also counted Sir Winston Churchill and Grace Kelly as customers. Mrs Cameron worked for the company for 13 years, starting her career as a window dresser and working her way to become creative director. When Lord Cameron became prime minister in 2010, she moved to become a consultant. Smythson was previously owned by the Italian handbag maker Tivoli, which bought it in 2009 in a deal said to be worth around £18m. Smythson posted a £6.7m pre-tax loss over the year to April 2024, slightly narrowing from a loss of £8m the prior year. However, revenues fell from £32.1m to £28.5m. Luxury struggles In its most recent accounts, the company said: 'Demand in the luxury retail sector remains uncertain, subject to global and local economic conditions resulting from the aftermath of the Covid pandemic, ongoing impact from Ukrainian war and recent increase in interest rates and cost of living.' Britain's luxury brands were also dealt a blow when Rishi Sunak's government decided to axe VAT-free shopping for tourists in 2021. Bosses have argued that the removal of this perk has made London a less attractive location for wealthy travellers to come and shop. Smythson has closed a handful of stores in recent years including its New Bond Street flagship in a bid to streamline the company and make its operations more profitable. Mr Dubens said: 'Heritage brands cannot be created overnight: it can take decades or longer to build a loyal customer base through the application of high-quality craftsmanship, product innovation and marketing excellence. 'We are lucky to be able to welcome Smythson to Oakley.'
BBC News
16-06-2025
- Business
- BBC News
Amazon replaces local businesses as States' stationery supplier
Amazon is to replace local businesses as the stationery supplier to the States of Guernsey, following a review of its "sourcing process".The States of Guernsey's Procurement department said the worldwide online retailer had provided efficient and competitive rates compared to invited local and off-island suppliers, potentially saving it "up to £100,000 per annum based on anticipated purchases"."We previously had agreements in place with local suppliers for stationery, however, these agreements have come to an end," a States spokesperson said."While it's disappointing that a local supplier wasn't able to win this business, we have a responsibility to spend taxpayers' money responsibly." The department said stationery as a procurement category had not been reviewed fully for about five years."We use Amazon in the same way, and for the same reasons, that thousands of individuals and families use Amazon across the island," they continued."These are low value consumable items, often bought repetitively and across the business this amounts to several thousand transactions annually. It is therefore important that we can buy these efficiently and competitively." The procurement category was reviewed in 2024, during which the States "decided to undertake a sourcing process, inviting local and off-island suppliers". "The scoring for this tender process was weighted to recognise the economic benefit of having on-island suppliers, however, following a competitive tender process with on-island and off-island suppliers, even with this local weighting, Amazon were successfully awarded a framework agreement to supply stationery."We are expecting that this new agreement could save the States up to £100,000 per annum based on anticipated purchases."
The Sun
19-05-2025
- Business
- The Sun
Major high street retailer to shut two stores this week as shoppers pick up bargains in huge 70% off closing down sale
SHOPPERS are rushing to bag bargains as a major high street chain prepares to shut two of its stores for good this week. Smiggle, the bright and bubbly stationery brand loved by school kids, is waving goodbye to its Inverness and Shrewsbury branches . 2 2 The Eastgate Shopping Centre store in Inverness will shut its doors on Wednesday, May 21, while the Darwin Centre branch in Shrewsbury will close just days later on Sunday, May 25. Both sites have launched massive closing down sales, with up to 70% off everything in store — and shoppers are snapping up discounted lunchboxes, backpacks, water bottles and more while they still can. A staff member at the Inverness shop told The Sun the closure comes as Smiggle chose not to renew its lease – and warned the shop could shut early if everything sells out. Smiggle – which first launched in Australia in 2003 and arrived in the UK in 2014 – quickly won over families with its bold colours, quirky accessories and fun school gear. At its peak, the chain had over 130 branches across the UK, though rising rents and changing shopping habits have hit many high street retailers hard in recent years. The Shrewsbury store's closing sale has slashed prices by up to 70%, and a spokesperson for the Darwin Centre confirmed the brand has served notice and will cease trading this week. With time running out, shoppers are being urged to head in fast — before both stores disappear from the high street for good. The news comes just weeks after a beloved toy and bike store announced its closure after 160 years in business. The 84-year-old owner revealed that the cost of living crisis has led to a reduction in sales and to the costs of running the business skyrocketing. Both independent and industry giants have been struggling with rising costs and reduced footfall over the past few years. Why are shops closing stores? Dozens of shops are set to close across the country before the end of the month in the latest blow to UK high streets. Just a few months into 2025 and it's already proving to be another tough year for many major brands. Rising living costs - which mean shoppers have less cash to burn - and an increase in online shopping has battered retail in recent years. In some cases, landlords are either unwilling or unable to invest in keeping shops open, further speeding up the closures. Smiggle isn't the only stationary shop shutting its doors, more WHSmiths stores are set to close in the next few months. The huge sports retailer, Sports Direct is axed its Newmarket Road store in Cambridge on April 18. Whilst, Red Menswear in Chatham in Medway, Kent, shut for the final time on Saturday, March 29, after selling men's clothing since 1999. A couple months ago, Essential Vintage told followers on social that it would be closing down after they had been "priced out" because of bigger players in the market such as Vinted. Jewellery brand Beaverbrooks is also shutting three shops early this month. New Look bosses made the decision to axe nearly 100 branches as they battle challenges linked to Autumn Budget tax changes. Approximately a quarter of the retailer's 364 stores are at risk when their leases expire. This equates to about 91 stores, with a significant impact on New Look's 8,000-strong workforce. It's understood the latest drive to accelerate closures is driven by the upcoming increase in National Insurance contributions for employers. The move, announced by Chancellor Rachel Reeves in October, is hitting retailers hard - and the British Retail Consortium has predicted these changes will create a £2.3billion bill for the sector. RETAIL PAIN IN 2025 The British Retail Consortium has predicted that the Treasury's hike to employer NICs will cost the retail sector £2.3billion. Research by the British Chambers of Commerce shows that more than half of companies plan to raise prices by early April. A survey of more than 4,800 firms found that 55% expect prices to increase in the next three months, up from 39% in a similar poll conducted in the latter half of 2024. Three-quarters of companies cited the cost of employing people as their primary financial pressure. The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year. It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year. Professor Joshua Bamfield, director of the CRR said: "The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025." Professor Bamfield has also warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector. "By increasing both the costs of running stores and the costs on each consumer's household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020."
