MIRA
INFORM REPORT
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Report Date : |
19.07.2007 |
IDENTIFICATION DETAILS
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Name : |
ARCADIA GROUP LIMITED |
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Registered Office : |
Colegrave House, |
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Country : |
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Financials (as on) : |
02.09.2006 |
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Date of Incorporation : |
27/02/1929 |
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Com. Reg. No.: |
00237511 |
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Legal Form : |
Private Limited |
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Line of Business : |
Engaged in the retail of clothing and clothing accessories in the |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Identification Details
Subject Reported on ARCADIA GROUP LIMITED
Address COLEGRAVE HOUSE,
Telephone 020 7636 8040
Email ian.jackman@arcadiagroup.co.uk
Web Address www.arcadiagroup.co.uk
Creditline Recommendations
Monthly Credit Guide GBP 1,125,000
Risk Category LOW RISK
Official Company Data
Legal Form Private Limited
Registration Number 00237511
VAT Number GB169094336
FTSE SmallCap Ticker AG stock exchange
Date of Incorporation 27/02/1929
Registered Office COLEGRAVE HOUSE,
History 10/12/2002 : Change of name from ARCADIA GROUP PLC.
13/09/2000 : The Registered Office address changed from COLEGRAVE HOUSE,
70
BERNERS
STREET,
23/01/1998 : The Registered Office address changed from
23/01/1998 : Change of name from BURTON GROUP PUBLIC LIMITED
COMPANY(THE).
Date of Last Annual
Return to Registry 01/06/2006
Accounts The last filed accounts at Companies House are those to 02/09/2006
Accounting
Reference Date 31/08
Operations
Activities A group engaged in the retail of clothing and clothing accessories in
the
internationally
through stores, home shopping catalogues and the internet.
Nace Code 7415
Premises Owned, Offices, Shop
Staff Employed 1,932
Trading Divisions
IMPORTS
Trade Names
DOROTHYPERKINS,PRINCIPLES
Product Names RACING GREEN, MISS SELFRIDGE
Import Countries ALL OVER THE WORLD
Export Countries ALL OVER THE WORLD
Bankers NATIONAL WESTMINSTER BANK PLC
Address PO
Sort Code 606005
Bankers HSBC BANK PLC
Address PO
Sort Code 402715
Bankers BARCLAYS BANK PLC
Address
Sort Code 206759
Auditors PricewaterhouseCoopers LLP
Branches SUN
CV1
2JZ.
THE
2ND FLOOR, 120 REGENTS
MONKSPATH,
4NU.
UNIT 6 7 THE FORT SHOPPING PARK,
UNIT 30, SWAN WALK, HORSHAM,
UNIT 12 13 ABBEYGATE SHOPPING CE,
1HY.
12 THE HART CENTRE, FLEET,
TUBWELL ROW, DARLINGTON,
CHURCHWAY POTTERIES SHOPPING CEN, MARKET SQ,
UNIT 32 THE HOWARD CENTRE, HOWARDSGATE, WELWYN GARDEN CITY,
Associated Companies Academy Cleaning Services (
Academy Cleaning Services (Southern) Ltd
Action Secretaries Ltd
Albi-Willesden Ltd
Argyll Services Ltd
Plus others
Subsidiaries A.G. CLOTHING (HOLDINGS) LIMITED
AG SENIOR EXECUTIVES PENSION TRUSTEE LIMITED
ARCADIA CARD SERVICES LIMITED
ARCADIA GROUP FASHION HOLDINGS LIMITED
ARCADIA GROUP INTERNATIONAL LIMITED
ARCADIA GROUP PENSION TRUST LIMITED
ARCADIA GROUP RETAIL LIMITED
ARCADIA QUEST TRUSTEE LIMITED
B. E. LEASING LIMITED
B.G. FINANCE (
BURTONS LIMITED
C.G. FINANCE LIMITED
CARAWAY GROUP LIMITED
CASTLE TRUSTEE LIMITED
DEBENHAMS BUSINESS SYSTEMS LIMITED
DEBENHAMS OVERSEAS HOLDINGS LIMITED
DEBSUB (TR) LIMITED
DOROTHY PERKINS LIMITED
DORSUB (AGH) LIMITED
DORSUB (DPR) LIMITED
DORSUB (HRL) LIMITED
DORSUB (TIC) LIMITED
DORSUB (TS/TM) LIMITED
GRESSE STREET LIMITED
HSPI SECURITIES LIMITED
INSTORE ENTERPRISES LIMITED
J.GREEN(ROBES)LIMITED
JERIMAIN LIMITED
LEICESTER TRUST LIMITED
MATTE PLC
MERKARI HOLDINGS LIMITED
MISS SELFRIDGE RETAIL LIMITED
MONTAGUE BURTON EMPLOYEES SAVINGS TRUSTEE LIMITED
MONTAGUE BURTON PROPERTIES LIMITED
MONTAGUE BURTON PROPERTY INVESTMENTS LIMITED
MUSE RETAIL LIMITED
OUTFIT RETAIL LIMITED
REDCASTLE (HOLDINGS) LIMITED
REDCASTLE INVESTMENTS LIMITED
REDCASTLE LIMITED
REDCASTLE LIMITED
REDCASTLE PROPERTIES LIMITED
RINGFRONT LIMITED
RINGFRONT LIMITED
RUBSHOULDERS.COM (HOLDINGS) LIMITED
SVML LIMITED
WELSMERE ENERGY MANAGEMENT LIMITED
WOODBRAE LIMITED
ZOOM.CO.UK LIMITED
Public Record Information
Summary of
CCJ's/Scottish Decrees
Period Last
72 Months Last 36 Months Last 18 Months
Amount Summary 3,146 1,619 1,118
Count Summary 8 4 2
Unsettled Amount Summary 1,441 684 183
Highest Amount Summary 935 935 183
Details of the most
recent CCJ's/Scottish Decrees
Date Amount Type Case
No Satisfied Court
15/05/2006 183 Judgment 6JH31351
15/02/2006 935 Judgment 6XJ02302 21/03/2006
30/11/2005 213 Judgment 5QP55211
19/10/2004 288 Judgment 4LS08727
03/10/2003 336 Judgment HW302160 HIGH WYCOMBE
28/07/2003 256 Judgment LS307543
26/07/2003 165 Judgment JG394660 BROMLEY
17/12/2002 770 Judgment AL205446 11/02/2003 ALTRINCHAM
Summary of Mortgages, Charges and
Satisfactions
Total Number of Mortgages/Charges Registered 20
Number Outstanding 1
Number Partially Satisfied 1
Number Satisfied 18
Date of Latest Mortgage Created 14/12/2004
Date of Latest Partial Satisfaction 18/01/2005
Date of Latest Satisfaction 18/01/2005
Details of most recent Mortgages,
Charges and Satisfactions
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Date Fully |
Date |
Date |
Charge |
Form Type |
Lender |
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23/12/2004 |
14/12/2004 |
Debenture |
395 |
The Governor And Company Of The Bank Of |
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02/04/2003 |
21/03/2003 |
Debenture |
395 |
Bradford & Bingley Plc |
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18/01/2005 |
23/12/2002 |
18/12/2002 |
Deed Of Accession To A Composite Guarantee
And Debenture Dated.... |
395 |
The Governor And Company Of The Bank Of Acting In I |
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18/10/1995 |
23/12/1991 |
20/12/1991 |
Third Party Legal Charge Over Cash |
N/A |
The Hongkong And Shanghai Banking
Corporation Limited |
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02/11/1989 |
31/05/1989 |
26/05/1989 |
Standard Security |
N/A |
Norwich Union Pensions Management Limited |
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13/10/1999 |
14/11/1988 |
25/10/1988 |
Legal Charge |
N/A |
Commercial Union Assurance Company Plc |
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14/11/1997 |
05/08/1986 |
23/07/1986 |
Deed Of Admission |
N/A |
Lloyds Bank Plc |
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13/08/1997 |
11/04/1986 |
01/04/1986 |
Omnibus Guarantee Set Off Agreement |
N/A |
Lloyds Bank Plc |
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18/10/1995 |
23/03/1977 |
22/03/1977 |
Legal Mortgage |
N/A |
County Bank Ltd |
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13/08/1997 |
22/12/1976 |
17/12/1976 |
Legal Mortgage |
N/A |
County Bank Ltd |
It should be noted that there is no legal requirement
to file satisfaction details of mortgages/charges at Companies House.
Other Filings and Notices
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Date |
Source |
Description |
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31/03/2005 |
Companies House Gazette |
Change among the directors of a company |
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30/09/2003 |
Companies House Gazette |
Alteration in memorandum or articles of
association |
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05/04/2003 |
Companies House Gazette |
Change among the directors of a company |
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01/03/2003 |
Companies House Gazette |
Change among the directors of a company |
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22/02/2003 |
Companies House Gazette |
Change among the directors of a company |
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08/01/2003 |
Companies House Gazette |
Change among the directors of a company |
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23/12/2002 |
Companies House Gazette |
Change among the directors of a company |
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10/12/2002 |
Companies House Gazette |
Alteration in memorandum or articles of
association |
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15/11/2002 |
Companies House Gazette |
Change among the directors of a company |
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09/11/2002 |
Companies House Gazette |
Returns of allotments of a public company |
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08/11/2002 |
Companies House Gazette |
Change among the directors of a company |
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31/10/2002 |
Companies House Gazette |
Returns of allotments of a public company |
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24/10/2002 |
Companies House Gazette |
Change among the directors of a company |
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21/10/2002 |
Companies House Gazette |
Change among the directors of a company |
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05/10/2002 |
Companies House Gazette |
Returns of allotments of a public company |
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28/09/2002 |
Companies House Gazette |
Returns of allotments of a public company |
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26/09/2002 |
Companies House Gazette |
Returns of allotments of a public company |
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18/09/2002 |
Companies House Gazette |
Returns of allotments of a public company |
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05/09/2002 |
Companies House Gazette |
Returns of allotments of a public company |
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24/06/2002 |
Companies House Gazette |
Returns of allotments of a public company |
Company Secretary
Secretary ADAM ALEXANDER GOLDMAN
Address
Country of
Origin UNITED KINGDOM
Date of Birth 21/03/1966
Appointment Date 25/10/2006
Other
Directorships DORSUB (HRL) LIMITED, BARFORCE
LIMITED, DORSUB (PRL) LIMITED, DORSUB
(TS/TM) LIMITED, DORSUB
(DPR) LIMITED, DORSUB (TIC) LIMITED, APPLEPLACE
LIMITED, TRADE
LAW MATTERS LIMITED
Directors
Director PHILIP NIGEL ROSS GREEN
Address
Country of
Origin UNITED KINGDOM
Date of Birth 15/03/1952
Appointment Date 16/10/2002
Other
Directorships SEARS LIMITED, BHS LIMITED, SEARS
NOMINEES LIMITED,
INVESTMENTS
LIMITED, BHS PROPERTIES LIMITED, DAVENBUSH
LIMITED, SEARS
COMPANY SECRETARY LIMITED, SEARS CORPORATE
DIRECTOR
LIMITED, JANUARY INVESTMENTS LIMITED, BHS GROUP
LIMITED, TAVETA
INVESTMENTS LIMITED, TAVETA INVESTMENTS (NO.2)
LIMITED, LOWLAND
HOMES LIMITED, PS SUPPLIES LIMITED
Financial Director PAUL EVERARD BUDGE
Address
Country of
Origin UNITED KINGDOM
Date of Birth 19/05/1955
Appointment Date 31/03/2003
Other
Directorships A & D PENSION SERVICES
LIMITED, MATTE PLC, TAVETA INVESTMENTS (NO.2)
LIMITED, GRESSE
STREET LIMITED,
LIMITED
Director LORD ANTHONY GRABINER
Address
Country of
Origin UNITED KINGDOM
Date of Birth 21/03/1945
Appointment Date 31/10/2002
Other
Directorships JEWISH CHRONICLE TRUST LIMITED, WENTWORTH
GROUP HOLDINGS LIMITED
Accountant PAUL COACKLEY
Address 37 FOREST DRIVE, KESTON,
Country of
Origin UNITED KINGDOM
Date of Birth 05/12/1960
Appointment Date 16/10/2002
Other
Directorships BHS LIMITED, BHS PROPERTIES
LIMITED, DAVENBUSH LIMITED, BHS GROUP
LIMITED, TAVETA
INVESTMENTS LIMITED, REVIVAL ACQUISITIONS
LIMITED, TAVETA
INVESTMENTS (NO.2) LIMITED, LOWLAND HOMES LIMITED, PS
SUPPLIES
LIMITED
Accountant IAN MARK ALLKINS
Address
Country of
Origin UNITED KINGDOM
Date of Birth 11/04/1962
Appointment Date 16/10/2002
Other
Directorships BHS LIMITED, BHS PROPERTIES
LIMITED, DAVENBUSH LIMITED, BHS GROUP
LIMITED, BHS
SERVICES LTD, BHS PENSION TRUSTEES LIMITED, TAVETA
INVESTMENTS LIMITED, REVIVAL
ACQUISITIONS LIMITED, TAVETA
INVESTMENTS
(NO.2) LIMITED, LOWLAND HOMES LIMITED, PS SUPPLIES LIMITED
Director IAN MICHAEL GRABINER
Address DAYLESFORD,
Country of
Origin UNITED KINGDOM
Date of Birth 12/05/1959
Appointment Date 12/12/2002
Other
Directorships DAYLESFORD INVESTMENTS LIMITED, MUSE
RETAIL LIMITED
Share Capital
Shares Ordinary GBP 0.80 each
Issued Number 210,204,416
Principal Shareholder 210,204,416 Taveta Investments (No.2) Ltd
The above reflects the principle
shareholder(s) by number of shares held, irrespective of share classification
type.
Holding Company TAVETA INVESTMENTS (NO.2) LIMITED
Ultimate Parent TAVETA INVESTMENTS LIMITED
Payment Analysis
(No Payment Analysis Data
is Available)
General Information
26/10/2006
Arcadia, the privately-held retail group run
by entrepreneur Sir Philip Green, said on Thursday that it would not pay a dividend
this year after profits fell 20%.The group, whose high street brands include
Top Shop, Dorothy Perkins and Miss Selfridge, said it made a pre-tax profit of
£202.4m in the 53 weeks to September 2, down from £253.8m last year. Group
sales rose 1.8% to £1.8bn. The group's operating margins fell 1.8%, although
Sir Philip maintained that this was positive in the context of the high
street. "Our operating margin at 16.7% is still among the best in the
industry," he said.
Financial Data
Profit and Loss
The following
figures are shown in units of 1000
Number of Weeks 53 52 52 52
Accounts Date 02/09/2006 27/08/2005 28/08/2004 30/08/2003
Currency GBP GBP GBP GBP
SALES 250265 301824 309978 315236
Cost of goods sold 193352 227112 241426 279966
GROSS PROFIT 56913 74712 68552 35270
Wages and Salaries 74417 81511 76775 86155
Directors Emoluments 1994 3610 5940 4924
Auditors Fees 269 285 240 229
Non-Audit Fees 245 246 27 455
Trading Profit 20131 32510 24450 35473
Depreciation 10933 13373 13974 16810
OPERATING PROFIT 9198 19137 10476 18663
Non Trading Income 47624 189260 180447 28846
Interest Payable 1205 1104 53 538
PRE TAX PROFIT 55617 207293 190870 46971
Taxation (828) 2879 93 11725
PROFIT AFTER TAX 56445 204414 190777 35246
Dividends Payable 200000 150000 50000
RETAINED PROFITS 56445 4414 40777 (14754)
Balance Sheet
The following
figures are shown in units of 1000
Number of Weeks 53 52 52 52
Accounts Date 02/09/2006 27/08/2005 28/08/2004 30/08/2003
Currency GBP GBP GBP GBP
TOTAL FIXED ASSETS 2253921 2001376 2933182 3068277
Tangible Assets 2253921 2001376 2933182 3068277
Fixed Assets 40562 33990 37176 43812
Intermediate assets 1191053 1181412 1190495 1186148
Due From Group 1022306 785974 1705511 1838317
TOTAL CURRENT ASSETS 35986 21770 150921 92161
Trade debtors 64
Stocks 396 22 426 692
Other Current Assets 35526 21748 150495 91469
Misc Current Assets 16463 14876 44721 23680
Due From Group 1763 1226
Cash 19063 6872 104011 66563
TOTAL ASSETS 2289907 2023146 3084103 3160438
TOTAL CURRENT LIABILITIES 68341 154073 127500 170679
Trade creditors 6899 6445 8261
Short Term Loans 157 13460 1518 500
Bank Overdraft 157 13435 1276
Other Finance 25 242 500
Other Liabilities 61285 134168 117721 170179
WORKING CAPITAL (32355) (132303) 23421 (78518)
TOTAL LONG TERM LIABS 1323290 1027242 2113847 2187780
Long Term Loans 1273231 975056 2047204 2120045
Other Finance 8896 6766 5286 4612
Due To Group 1264335 968290 2041918 2115433
Other Liabilities 50059 52186 66643 67735
NET ASSETS/(LIABILITIES) 898276 841831 842756 801979
SHARE CAPITAL + RESERVES 898276 841831 842756 801979
Share Cap + Sundry Res 785270 785270 785270 785270
Issued Share Capital 168163 168163 168163 168163
Sundry Reserves 617107 617107 617107 617107
Profit and Loss account 113006 56561 57486 16709
SHAREHOLDERS FUNDS 898276 841831 842756 801979
CAPITAL EMPLOYED 2221566 1869073 2956603 2989759
Financial
Comparison
The following
figures are shown in units of 1000
Number of Weeks 53 52 52 52
Accounts Date 02/09/2006 27/08/2005 28/08/2004 30/08/2003
Currency GBP GBP GBP GBP
Directors Remuneration 1994 3610 5940 4924
Auditors Remuneration 269 285 240 229
Liquid Assets 19127 6872 104011 66563
Net Working Capital (32355) (132303) 23421 (78518)
Long Term Debt(>12 Months) 1273231 975056 2047204 2120045
Other Deferred Liabs 50059 52186 66643 67735
Tangible Net Worth(T.N.W) 898276 841831 842756 801979
Equity 898276 841831 842756 801979
Number of Years Trading 77 76 75 74
Number of Employees 1932 2038 1886 1876
Profit per Employee 28787.3 101713.9 101203.6 25037.8
Sales per Employee 129536.7 148098.1 164357.4 168036.2
Key Credit Ratios
The following
figures are shown as Ratios or Percentages
Accounts Date 02/09/2006 27/08/2005 28/08/2004 30/08/2003
Current Ratio 0.5 0.1 1.2 0.5
Long Term Debt/T.N.W 1.4 1.2 2.4 2.6
Pre Tax Profit Margin% 22.2 68.7 61.6 14.9
Gross Profit% 22.7 24.8 22.1 11.2
Creditors Days (D.P.O) 10 8 10
Quick Ratio 0.5 0.1 1.2 0.5
W.I.P/Inventory Days 0.7 0.6 0.9
Return on Investment% 2.6 11.1 6.5 1.6
Return on Assets% 2.4 10.2 6.2 1.5
T.N.W/Total Assets% 39.2 41.6 27.3 25.4
Return on Capital% 2.5 11.1 6.5 1.6
Rtn on Shareholders Funds% 6.2 24.6 22.6 5.9
Working Capital/Sales% (12.9) (43.8) 7.6 (24.9)
Borrowing Ratio% 141.8 117.4 243.1 264.4
Equity Gearing% 64.5 71.3 37.6 34
Stock Turnover 632 13719.3 727.6 455.5
Days Purchases Outstanding 13 10.4 12.5
Key Industry Sector Trends
Year 2007 2006 2005 2004
Sample Size 842 63518 94662 87497
Pre-Tax Profit Margin 44.1 39 35.3 33.8
Current Ratio 2.3 2.1 2 1.8
Borrowing Ratio 4.1 55.5 59.7 65
Return on Capital 193.4 164.2 147.2 158.3
Creditors Days 56 144 191 152
Above figures relate to companies in 1992
Standard Industry Classification (Nace) sector : Legal, accounting, book-keeping
and auditing activities; tax consultancy; market research, polls
Financial Summary
Auditors
Qualification
The Auditors have expressed a clean opinion
(i.e. unqualified with no referrals) on the accounts for the period ended
2/09/2006.
Turnover
Turnover decreased by more than 10 % in the
year and totaled GBP 250,265,000 for the period.
Operating Profit
Totaled GBP 9,198,000. In the year prior a
Profit of GBP 19,137,000 was achieved.
Pre Tax Profit
The subject's profit decreased by 73 % over
the previous year.
Working Capital
The company's working capital deficiency
reduced in the period and now stands at GBP 32,355,000.
Net Worth
Net worth has increased by 7 % and now stands
at GBP 898,276,000.
Fixed Assets
The subject's fixed assets increased during
the year by GBP 252,545,000 to GBP 2,253,921,000 and are now 98 % of total
assets compared with 98 % in the previous year.
Long Term
Liabilities
The company's long term liabilities increased
during the period by 28% and are now 147 % of net worth compared with 122 % in
the previous period.
Long Term
Liabilities
Long term liabilities are now 58 % of total
liabilities compared with 51 % in the previous period.
Long Term
Liabilities
Long term liabilities are 60 % of capital
employed, an increase of 5 % over the previous period.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)