Skip navigation

Gloucestershire Business News

Insurers cancel New Look cover

A key insurer has cancelled New Look's cover against insolvency to its suppliers.

Credit insurer Euler Hermes has stopped selling cover on new shipments of goods to the fashion retailer, which has stores in Stroud, Cirencester, Gloucester and Cheltenham. Other insurers are also thought to have reduced levels of cover for the company, as reported by Retail Gazette.

Credit insurance protects suppliers in the eventuality that a customer goes bust before the payment for an order can be made. Refusing to provide cover demonstrates a lack of confidence in New Look, which has suffered from falling sales. The knock-on effect could be further damage to the company, as suppliers will demand payment upfront when insurance is not available.

BHS, Woolworths and Comet all saw their insurers cancel cover before their collapse, although New Look says it has sufficient assets to get it through the rough patch.

Punchline says this is worrying for the high street as a whole and points towards a tough market in 2018 for all retailers.

Related Articles

Cheltenham firm wins race to stage Formula 1 Powerboat World Championship Image

Cheltenham firm wins race to stage Formula 1 Powerboat World Championship

The British round of Formula 1 Powerboat Racing’s World Championship this summer will be staged by a Gloucestershire company.

Click here for more details
Historic Gloucestershire house up for sale Image

Historic Gloucestershire house up for sale

Dowty House, a landmark historic building in central Cheltenham, has been put up for sale by the Lilian Faithfull Board of Trustees.

Click here for more details
Career criminal given ‘one more chance’ – after injecting partner with speedball Image

Career criminal given ‘one more chance’ – after injecting partner with speedball

Notorious “Safari Boy” Mark Hook - who has 121 convictions to his name to date - has thanked a judge for giving him yet another opportunity to go straight.

Click here for more details
Man admits being in possession of knives after vehicle stop Image

Man admits being in possession of knives after vehicle stop

A 33-year-old man has admitted being in possession of bladed articles after police recovered two kitchen knives from his vehicle.

Click here for more details

Copyright 2018 Moose Partnership Ltd. All rights reserved. Reproduction of any content is strictly forbidden without prior permission.