Next to sell head office & warehouses to raise £100m emergency fighting fund


Next is seeking buyers for its headquarters and three warehouses as part of a mitigation strategy to shore up its balance sheet against the effects of a fall in trade.

The multichannel retailer has appointed property agent Savills to search for a buyer for its head office in Leicester, and property agent Acre to oversee the disposal of three warehouses, which would all then be leased back.

Next said last month that it could raise up to £100m through the sale and leaseback of properties, including warehouses, to combat the closures of its stores and website.

A Next spokesman said the sale and leaseback of these properties has “absolutely no effect on staff or stores”.

The retailer announced the temporary closure of its website, warehouse and distribution operations on 27 March.

Last month, Next chief executive Lord Wolfson discussed the retailer’s “stress test” model, the importance of employee support and the need for continued innovation amid the coronavirus outbreak.