11th Nov 2013 10:13
LONDON (Alliance News) - Town Centre Securities PLC Monday said that Barratts Trading Ltd no longer trades from any of its retail premises, after reports in recent weeks suggested the shoe retailer was again in financial difficulty and seeking an emergency loan to keep it trading through the important Christmas trading period.
The Sunday Times reported last week that Barratts' 90 stores could be left perilously short of stock during crucial Christmas trading if the company can't get a loan.
In a statement, Town Centre said it was updating investors on its relationship with Barratts following the media reports. It said Barratts doesn't trade from any of its retail premises, although Barratt's head office is located in one of its properties. That yields it a rental income of GBP235,000, about 1% of annual gross income.
It reminded investors that it has got support from the local council for redeveloping the Bradford property into a residential property.
Town Centre Securities last traded at 220 pence.
By Steve McGrath; [email protected]; @SteveMcGrath1
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