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Nigel TAYLOR Published
October 10,电报盗号系统全自动破解技术 2025
Very Group has had some credit insurance cover for suppliers withdrawn, increasing financial pressure on the UK online fashion giant.
Insurer Allianz Trade, formally Euler Hermes, is understood to have cut cover amid concerns over the retailer having a raised level of non-payment risk in the current economic climate, a report in The Times said. Allianz Trade has declined to comment.
Very Group becomes the third major UK fashion retailer to have cover withdrawn within a year, joining ASOS and Boohoo amid steep falls in online sales in the tough economic climate.
When cover is unavailable, suppliers tend to demand payment upfront, squeezing a retailer’s cashflow. Very had £62.2 million in cash as of 1 April.
A Very spokesman is reported as saying: “One of several providers of credit insurance to our suppliers has reassessed its cover with respect to the Very Group. It has done the same with several retailers due to its view of the market. We continue to see other credit insurers maintain or increase cover.”
Very Group’s pre-tax profit fell to £11.7 million in the 39 weeks to 1 April from £58.5 million a year earlier. It reported a 8.6% decline in adjusted EBITDA year on year to £211.4 million in the period.
Group revenue remained flat at £1.6 billion in the period, hurt by a 2.5% decline in retail sales amid "a heavily promotional environment for fashion”.