{"id":10592,"date":"2023-10-07T05:27:57","date_gmt":"2023-10-07T05:27:57","guid":{"rendered":"https:\/\/dmsretail.com\/RetailNews\/very-group-suppliers-have-credit-insurance-pulled\/"},"modified":"2023-10-07T05:27:57","modified_gmt":"2023-10-07T05:27:57","slug":"very-group-suppliers-have-credit-insurance-pulled","status":"publish","type":"post","link":"https:\/\/dmsretail.com\/RetailNews\/very-group-suppliers-have-credit-insurance-pulled\/","title":{"rendered":"Very Group suppliers have credit insurance pulled"},"content":{"rendered":"<p> <p><a href=\"https:\/\/dmsretail.com\/online-workshops-list\/\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-496\" src=\"https:\/\/dmsretail.com\/RetailNews\/wp-content\/uploads\/2022\/05\/RETAIL-ONLINE-TRAINING-728-X-90.png\" alt=\"Retail Online Training\" width=\"729\" height=\"91\" srcset=\"https:\/\/dmsretail.com\/RetailNews\/wp-content\/uploads\/2022\/05\/RETAIL-ONLINE-TRAINING-728-X-90.png 729w, https:\/\/dmsretail.com\/RetailNews\/wp-content\/uploads\/2022\/05\/RETAIL-ONLINE-TRAINING-728-X-90-300x37.png 300w\" sizes=\"auto, (max-width: 729px) 100vw, 729px\" \/><\/a><\/p><br \/>\n<\/p>\n<div id=\"post-146560\">\n<div class=\"td-post-content tagdiv-type\">\n<div class=\"td-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"696\" height=\"464\" class=\"entry-thumb\" src=\"https:\/\/www.retailgazette.co.uk\/wp-content\/uploads\/2022\/07\/skyways_152-768x512-1-696x464.jpg\" srcset=\"https:\/\/www.retailgazette.co.uk\/wp-content\/uploads\/2022\/07\/skyways_152-768x512-1-696x464.jpg 696w, https:\/\/www.retailgazette.co.uk\/wp-content\/uploads\/2022\/07\/skyways_152-768x512-1-300x200.jpg 300w, https:\/\/www.retailgazette.co.uk\/wp-content\/uploads\/2022\/07\/skyways_152-768x512-1-630x420.jpg 630w, https:\/\/www.retailgazette.co.uk\/wp-content\/uploads\/2022\/07\/skyways_152-768x512-1.jpg 768w\" sizes=\"auto, (max-width: 696px) 100vw, 696px\" alt=\"Very Group\" title=\"Very Group\"\/><\/div>\n<p>Credit insurer Allianz Trade has pulled its cover for The Very Group\u2019s suppliers following concerns about the retailer\u2019s falling profits.<\/p>\n<p>Drapers reported that the decision to withdraw cover was down to macro-economic pressures as consumers reduced their discretionary spend.<\/p>\n<p>It comes as the retailer\u2019s operating profit plunged 17% to \u00a3123.8m in the 39 weeks to 1 April 2023, down from \u00a3150.2m.<\/p>\n<p>Group sales remained flat at \u00a31.6bn due to 2.5% dip in retail sales as a result of the \u201cheavily promotional environment\u201d.<\/p>\n<hr\/>\n<h5 style=\"text-align: center;\"><strong>Subscribe to Retail Gazette for free<\/strong><\/h5>\n<p style=\"text-align: center;\"><span class=\"x_al\">Sign up\u00a0here\u00a0to g<\/span><span class=\"x_al\">et the latest news straight into your inbox each morning<\/span><strong><span class=\"al\">\u00a0<\/span><\/strong><\/p>\n<hr\/>\n<p>A spokesperson for The Very Group told the publication: \u201cOne of several providers of credit insurance to our suppliers has reassessed its cover with respect to The Very Group.<\/p>\n<p>\u201cIt 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 with respect to the group.<\/p>\n<p>\u201cWe continue to have constructive relationships with our suppliers, and our year-to-date Q3 results show Very revenue growth of 2.2% \u2013 ahead of the online non-food retail market \u2013 and a robust liquidity position.\u201d<\/p>\n<p>Allianz slashed its cover for Boohoo Group suppliers by an average of 50% in July, with some suppliers to the fast fashion retailer having their coverage level cut to zero in September.<\/p>\n<p>Fellow insurer Atradius withdrew some of its cover for Asos suppliers in May amid concerns about falling profits.<\/p>\n<p><em><strong>Click here to sign up to Retail Gazette\u2018s free daily email newsletter<\/strong><\/em><\/p>\n<\/p><\/div>\n<footer>\n<\/footer>\n<\/div>\n<p><p><a href=\"https:\/\/dmsretail.com\/online-workshops-list\/\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-496\" src=\"https:\/\/dmsretail.com\/RetailNews\/wp-content\/uploads\/2022\/05\/RETAIL-ONLINE-TRAINING-728-X-90.png\" alt=\"Retail Online Training\" width=\"729\" height=\"91\" srcset=\"https:\/\/dmsretail.com\/RetailNews\/wp-content\/uploads\/2022\/05\/RETAIL-ONLINE-TRAINING-728-X-90.png 729w, https:\/\/dmsretail.com\/RetailNews\/wp-content\/uploads\/2022\/05\/RETAIL-ONLINE-TRAINING-728-X-90-300x37.png 300w\" sizes=\"auto, (max-width: 729px) 100vw, 729px\" \/><\/a><\/p><br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Credit insurer Allianz Trade has pulled its cover for The Very Group\u2019s suppliers following concerns about the retailer\u2019s falling profits. Drapers reported that the decision [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8332,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-10592","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-magazines"],"_links":{"self":[{"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/posts\/10592","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/comments?post=10592"}],"version-history":[{"count":0,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/posts\/10592\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/media\/8332"}],"wp:attachment":[{"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/media?parent=10592"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/categories?post=10592"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/tags?post=10592"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}