Nursery and maternity retailer Mothercare has sold its Watford headquarters for close to £15 million as part of its ongoing cost-cutting drive.
The company sold the 100,000 sq ft UK headquarters and adjacent warehouse to property developers BYM Capital and signed a ten-year lease under a sale-and-leaseback deal.
Mothercare’s store closure plan is also taking effect, with a brace of closing down sales taking place across the country as the retailer consolidates its store portfolio. By the end of March, Mothercare will have just 79 UK stores, down from 137 in May 2018.
The head office sale and the store closures are being carried out as part of Mothercare’s company voluntary arrangement (CVA), which allows companies to close loss-making shops and secure rental discounts in order to raise capital over a fixed period.
Mothercare has also launched its Big Baby event this week, offering huge savings of up to 50% off baby and toddler products. The sale runs across all platforms until 6 March, featuring big brand names like Tommee Tippee, Joie, Chicco, Graco and Maxi-Cosi.
