Next HQ and three warehouses up for sale

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Next is reportedly seeking buyers for its headquarters and three warehouses as part of a mitigation plan to reinforce its balance sheet against the effects of a fall in trade due to coronavirus.

The company has appointed property agent Savills to find a buyer for its head office in Leicester and another agent, Acre, to oversee the sale of three warehouses, which would all then be leased back, The Guardian has reported.

Last month Next claimed that it could potentially raise up to £100m through the sale and leaseback of properties including warehouses.

The retail chain previously warned it is preparing for a “significant” trading downturn amid the COVID-19 coronavirus pandemic as it revealed full-price sales had tumbled by 30% in recent days.

The retailer later announced the temporary closure of its website, warehouse and distribution operations on 26 March.