Nasons in Canterbury "facing uncertain future"
Published: 13:26, 20 July 2018
Updated: 14:00, 20 July 2018
An established retail giant is facing an uncertain future after suffering "brutal" trading conditions.
Nasons in Canterbury has been operating since 1929 and occupied its existing premises in the city centre since 1962.
But staff were last night informed the business is struggling.
In a statement, the company said it was "consulting its staff on the future of the business".
It added: "The consultation, which started yesterday and will continue in the coming weeks, looks to explore and discuss ways the retailer can change and transform its business to meet a rapidly evolving retail landscape."
In addition to its High Street store, it has a furniture outlet on the Wincheap Industrial Estate. Both outlets will continue to operate as normal during the consultation period.
It has appointed business and financial advisers Kreston Reeves to support and advise on the consultations.
Andrew Nason, the chairman of Nasons said: "The retail market is going through unprecedented change and the challenges for Nasons have continued throughout the year. Along with other high street names, Nasons has been hit by a perfect storm of increasing costs, rising business rates and fierce competition which is hitting sales.
"It is a brutal environment and despite the best efforts of everyone at Nasons, the company is facing an uncertain future. These consultations will look to explore every option and to hear from every member of staff.
"All ideas are welcome and no conclusions have yet been drawn."
Five years ago, director Nick Betts was forced to deny rumours the store was looking to exit the city after it sold the freehold of its Wincheap site and leased it back to raise capital. At the time, he described the outlook as "optimistic".
But the steady decline for many retailers on the high street has bitten many big names hard over recent years with a number of high profile casualties.
Nasons was founded by Fred Nason in 1929 and by the 1950s had a number of stores in Canterbury, before moving into its existing 30,000 sq ft store in the High Street in the 1950s.
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Chris Britcher