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Monday, 4 April 2011

Even more news on Portobello...

Saturday's Independent newspaper article focused on the alledged financial troubles of the owners of the famous "All Saints" brand, purveyor of expensive fashion tat to very few. They are owned by the Icelandic outfit Kaupthing & Glitner who have appointed Ernst and Young to sort out a sale to an interested party.

In a declining retail environment, the chain was put up for sale but, according to the Independent it may be they need cash quickly, more quickly that the usual firesale process would take. Lloyds Bank, who are chasing after the investment have given potential suitors about a week to put up, or shut up and in the event of nothing being put on the table may well force the retailer into administration.

Should this happen, Notting Hill will see the back of the branch on the corner of Portobello Road& Westbourne Grove; which rode in on the spurious notion that Portobello Market is a 7 days a week goldmine. No such luck; as deserted aisles& forlorn tat testify. Prior to All Saints arrival, the building hosted a vigorous antiques trade; carried on by 300 dealers. It is hoped they will return as covenants on the freehold come under increased scrutiny by anxious lenders.

What will come out of this, who knows?

Only time will tell.

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