old

Heritage furniture and department store retailer Nasons is exploring ways to combat the tough trading climate and steer a path through structural change, hiring advisors to conduct a strategic review.

 

The two-store Canterbury independent wrote to employees last week as it launched a consultation process on the future of the business according to KentOnline, a regional news website published by Kent Messenger owner KM Group.


Nasons, due to celebrate its 90th year in 2019, is working with Kreston Reeves, a local accountancy, business advisory and transformation specialist, with the aim of exploring every option and hearing the views of all members of staff.


No conclusions have yet been drawn by the retailer, according to KentOnline, quoting chairman Andrew Nason as saying the retail market is going through "unprecedented change and that the challenges for Nasons have continued throughout the year."


He is quoted as saying the business has been hit by a perfect storm of increasing costs, rising business rates and fierce competition which is hitting sales, describing the environment as brutal and the future uncertain.


Publicly available accounts show Nasons has recorded six-figure losses in each of its past two reported years, which it ended with net liabilities.


The company completed a sale and leaseback of its Wincheap Industrial Estate furniture store for £900,000 about three years ago, selling the unit to the property company of Airsprung owner Andrew Perloff.


The Furnishing Report contacted Mr Nason prior to publication.