Woolworths returns in all but name
While the original Woolworths may have disappeared forever from the high street, reborn in cyberspace, former Woolworths boss Tony Page has teamed up a former UBS banker to launch a similar chain selling the infamous pick and mix sweets. The pair are looking to raise up to £10 million in order to acquire many of the old Woolworths stores which are currently lying vacant in high streets across the UK.
The two founders of the new chain have yet to agree upon a name, instead deciding to hold a nationwide competition which will act as a very good advertising campaign for the group. It will be interesting to see how the new business is set up, how it operates and whether in fact lessons have been learnt from the collapse of the original Woolworths. This was a company which had been on the UK high streets for decades and had become synonymous with UK consumers.
This is a very brave move by the founding pair as many stores on the high street are finding it very difficult to survive at the moment with bankers relatively unhelpful. Whether they will raise the required £5 million-£10 million remains to be seen but the return of pick and mix to the UK high street would be welcomed by many across the country.
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