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Julia Hoggett calls for UK to revise retail investment rules favouring crypto over bonds

2025-07-03 14:54:49 By

Julia Hoggett, CEO of the London Stock Exchange Group (LSEG), has called for a shift in the UK's "perverse" approach to retail investment.

Speaking on the Following the Rules podcast, she highlighted that it is currently easier for retail investors to put their money into crypto than heavily regulated assets such as corporate debt or government bonds, as reported by City AM.

"We have a regulatory structure that has historically made it easier to buy a riskier product and then hardest to buy the least risky product in the stack, which is perverse," she stated.

"(Debt) sits higher up the cap table in terms of its credit worthiness than equity, and yet we have made it harder for retail to buy plain vanilla debt...than we have equity or crypto," she added.

Hoggett argued that it should be "much more straightforward" for retail investors to engage in these markets, which would help reduce the cost of capital for businesses and stimulate growth. Post-financial crisis rules classified bonds issued under £100,000 as retail products, subjecting them to closer scrutiny.

This inadvertently discouraged companies from issuing smaller denominations and excluded individual investors from the market.

A recent report by Barclays revealed that US retail investors held approximately $6.2 trillion in debt securities at the end of Q3 2024, while only 36 corporate bonds from 21 firms were listed in the UK's orderbook for retail bonds.

Hoggett highlighted the discrepancy in regulatory approaches, noting that while corporate debt remains under tight control, retail investors are granted "all the access to (crypto) in the world".

In a recent move, the Financial Conduct Authority (FCA) proposed measures to facilitate retail investors' entry into the corporate bond market by reducing paperwork for smaller debt portions.

Hoggett sees this as indicative of a wider issue with risk aversion, which she believes has significantly hindered economic growth.

"The UK's got the second largest pool of institutional capital in the world. We have not been spending it on ourselves as a nation, and we have been de-risking it to a point that has not been healthy for ourselves," stated the LSEG chief.

She pointed out that the UK's investment shortfall could be up to eight per cent less than that of its G10 and G20 counterparts, leading to lower growth and consequently reduced tax revenue for public services.

Hoggett argued against a "zero failure regime" in the UK, advocating instead for practical KPIs that could drive investment funds and regulators towards goals like advancing the green energy transition or enhancing financial security for retirees.

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Domino's UK announces new chair and reports mixed financial results for 2024

Domino's Pizza Group, the UK arm of Domino's Pizza Inc, has announced the appointment of a new Chair who will assume the role in April. The company also reported a slight decrease in revenue but saw higher sales and an increased dividend, as reported by City AM. In the 52 weeks leading up to December 29, sales rose by two percent to £1,571.5 million, up from £1,540.5 million the previous year. Earnings before interest, tax, depreciation, and amortisation (EBITDA) for the firm, which operates in both the UK and Ireland, climbed by 6.4 percent to £143.4 million. However, revenue dipped by 0.4 percent, from £667 million to £664 million, while profit after tax fell sharply by 21.6 percent to £90.2 million. Domino's attributed the significant drop in post-tax profit to the comparative base of 2023 when the company divested its stake in a German joint venture, receiving £79.9 million. The company proposed a final dividend of 7.5p per share, increasing its total 2024 dividend by 4.8 percent year-on-year to 11p. CEO Andrew Rennie commented on the results: "Today's results show the benefits of our long-term strategy," adding, "We've capitalised on our competitive strengths, agreed a new five-year framework with our franchise partners and opened 54 stores." Rennie also noted that "Our trading momentum accelerated as the year progressed, our delivery channel returned to growth and we delivered strong underlying earnings growth." Domino's is focusing on store and digital expansion, aiming to achieve £2 billion in sales from over 1,600 stores by 2028. Despite this, analyst Dan Lane from Robin Hood cautioned: "Uncertainty seems to be the theme today at Domino's." Shares in the UK division of Domino's Pizza appear to be significantly undervalued when compared to its US counterpart, making it one of the most shorted stocks in the UK market. "To get back into the market's good books, profits really need to start motoring under the new five-year framework. If they don't, investors are likely to pile even more pressure on the pizza brand," stated Lane. Domino's expects that its underlying earnings before interest, taxes, depreciation, and amortisation (EBITDA) for 2025 will align with current expectations of the market. In other news, Domino's has declared the appointment of Ian Bull as the new Chair of the company, effective post-AGM on April 24, 2025. Bull, who took up the role of Senior Independent Director at Domino's in September 2019, has a rich background serving as CFO across various leisure and hospitality businesses, such as Greene King, Ladbrokes, and Parkdean Resorts. Matt Shattock, the outgoing chair who has served for five years and is based in the US, highlighted the need for a UK-based chairmanship at Domino's. Ian Bull expressed his anticipation for his upcoming tenure, "Domino's today is a very different business to five years ago and Matt's guidance and leadership have been hugely valuable, helping stabilise the business initially and moving it onto the strong footing for future growth it has today." Bull further shared his enthusiasm, saying, "I'm delighted to be stepping into the role and look forward to working with my fellow Board members, our CEO Andrew Rennie and all our team members and franchise partners as we take the business to the next level."

Turkish restaurant Longa expands with second venue in Cardiff

A Turkish restaurant business run by three women has expanded with the opening of a new venue in Cardiff city centre. The investment has created 16 new jobs. Longa, which was founded in 2019 by sisters Gizem Yorgun and Simge Yalcin, now operates with three women at the helm after actress Pinar Ogun joined the business in 2023. Longa, whose first restaurant in the Whitchurch area of the capital opened in 2019, celebrates the rich, diverse flavours of Turkish cuisine. Its new Park Place restaurant for 100 covers offers an all-day breakfast menu, whilst expanding to capture an evening clientele with a separate menu.[ Longa’s new venture has been backed with a £120,000 finance package from BCRS Business Loans, via the British Business Bank’s £130m Investment Fund for Wales, and Community Investment Enterprise Fund (CIEF), managed by responsible finance provider Social Investment Scotland (SIS). Simge said:“Our Whitchurch Road café has been a great success and we knew it was only a matter of time before we dipped our toes into the possibility of opening a second restaurant, but we needed to find for the perfect premises. “When we saw the space on Park Place we knew that it was perfect, but with spiralling costs, due to changes in construction and building quotes, we needed further support to realise our dreams.” BCRS manages the small loans element of the British Business Bank’s £130m Investment Fund for Wales. The debt finance to Longa was overseen by its business development manager, Niki Haggerty-James. Gizem said:“We found ourselves in a situation where we had gone too far in our dream of bringing the restaurant to fruition that we simply couldn’t turn back. Niki was fantastic, quickly understanding our business, and the challenges we faced, and without her support, and the finance, Longa wouldn’t be here.” Pinar added:“BCRS’ support goes so much further than helping us to secure finance, Niki has been overwhelmingly positive in supporting our entire venture. “Longa in Park Place has only been open for a matter of weeks, but we are already seeing the impact. Just this weekend we saw over 300 covers and our bookings for the weekends are huge. We can’t wait for more people to experience our food, after all it’s pretty amazing to sit back and watch their reactions, all the while knowing we created that plate.” Ms Haggerty-James said:“Longa is fantastic and it’s wonderful to support a business that is both women and ethnic-led. Gizem, Simge and Pinar are creating something very special that it abundantly evident from just peeking into one of the restaurants. “The opening of the Park Place site demonstrates their passion to bring Turkish cuisine to Cardiff, so that people can experience the true taste of an authentic menu and we are delighted that in doing so the trio have expanded to employ an increasing workforce. “We want to champion and support more businesses that are female and ethnic-led, advancing the growth of entrepreneurship across Wales. BCRS are a story-based lender, and our mission is to make a positive social and economic impact which Longa are demonstrating. From seeing the success of Longa we are sure this won’t be the last restaurant opening.” Bethan Bannister, senior investment manager, nations and regions funds at the British Business Bank, said:“The British Business Bank is delighted to support this successful female led business via the Investment Fund for Wales as they look to scale and grow.

John Lewis scraps staff bonus for third year in a row despite tripling profit

Despite nearly tripling its profit, the John Lewis Partnership has decided to forgo its staff bonus for the third consecutive year. The company, which owns both John Lewis and Waitrose, informed markets that its pre-tax profit surged from £42m to £126m over the 52 weeks to 25 January, as reported by City AM. Total sales increased by three per cent year on year, rising from £12.4bn to £12.8bn, while the firm's operating profit margin improved by 0.9 percentage points to two per cent. John Lewis revealed plans to "step up" its transformation plan this year, supported by a self-funded investment of £600m. This will encompass "store refurbishments and openings, technology upgrades, and supply chain modernisation." The company also intends to invest £114m in staff pay. These two investments mean its annual bonus will be scrapped this year-for the third year in a row. At Waitrose, sales grew 4.4 per cent to £8bn and volumes were up 2.6 per cent. Adjusted operating profit was £227m, up £122m year on year. Sales at John Lewis remained flat at £4.8bn, while adjusted operating profit was £45m. "These are solid results... we have made good progress," Chair of JLP Jason Tarry said. "Looking forward, I see significant opportunity for growth from both our Waitrose and John Lewis brands." Chairman designate Jason Tarry stated: "Our focus will be on enhancing what makes these brands truly special for our customers. This will involve considerable catch-up investment in our stores and supply chain, underpinned by a strong focus on the core elements of great retail, delivered by our brilliant Partners." "I am confident with the transformation momentum in the Partnership, we remain well placed to drive further growth in the year ahead and over the longer term," he continued. Chief Executive Nish Kankiwala, who is set to leave this year after a two-year tenure, commented, "both brands are showing momentum." Kankiwala also stated, "Tripling our profit is a significant testament to the progress of our transformation – focused on delighting customers while continuing to deliver efficiency improvements, thereby laying the foundations for long-term sustainable growth." Julie Palmer, partner at Begbies Traynor, called the results "encouraging." "However, there remains a long road ahead if the retailer is to win back the market share it lost to M&S and other rivals in the battle for Middle England's consumers," she added. "New Chair Jason Tarry is certainly sounding the right notes. The opening of new Waitrose stores, the reintroduction of John Lewis' 'Never Knowingly Undersold' guarantee, and an inflation-beating £114m investment into staff pay, should all bode well for the partnership.

Asos shares plunge as investors 'lose confidence' in retailer's turnaround plan

Asos shares have plummeted over 8% in early trading, exacerbating losses accumulated over several months as investors' faith in the retailer's recovery strategy has dwindled. The e-commerce company's share price has fallen by a third in the past month and has halved since the start of the year, with a 15% decline in the last five days alone, as reported by City AM. Currently, Asos shares are trading at 233p per share, a significant drop from the mid-pandemic high of 5,772p per share in April 2021. Analysts attribute this decline to a post-pandemic downturn in the e-commerce sector, which has also impacted fellow retailers boohoo and Pretty Little Thing. "The COVID boom sparked overinvestments across staff, stock and infrastructure that are still being unwound," noted Jeffries analysts Andrew Wade and Grace Gilberg. "That unwind has been in part funded by reclaiming value from customers [via] range, delivery and proposition). The external data... suggests that these changes, coupled with competition, continue to impact demand," they added. Asos reported an operating loss of £331.9m for the year ending September 1, 2024, up £83.4m from a loss of £248.5m in 2023. AJ Bell analyst Dan Coatsworth observed that Asos, like JD Sports, has been affected by a broader slowdown in consumer demand, further contributing to its struggles. "Consumers bored at home during the pandemic merrily spent money but they have since taken their foot off the pedal as it looked like interest rates would stay higher for longer," Coatsworth observed. Earlier this year, analysts from Panmure Liberum suggested that Asos "will struggle to turn around its declining sales trend this year... in the current demand environment." At the beginning of the year, Panmure warned investors about Asos, labelling it their least-preferred stock for 2025. "Multiple inventory write-offs, a refinancing, an equity raise, and sale of a key asset later, Asos is seeing few signs of sales declines relenting and still finds itself on an unsure path," stated Panmure analyst Anubhav Malhotra. He also noted that "Its competitive position worldwide has been eroded due to improved multi-brand online propositions from the likes of NEXT, M&S [and] JD Sports, competition from China, and pulling back on the consumer offering in international markets." "It appears the identity of the Asos brand isn't as pronounced and distinct as was previously perceived."

Historic Preston Guild festival looks set to continue despite council abolition

Efforts are underway to ensure the historic Preston Guild festival continues despite the dissolution of the council that organises it. The once-every-20-year city celebration, which has a history spanning over 800 years, is next scheduled for 2032 – four years after Preston City Council is expected to be disbanded. The council, along with Lancashire's 14 other councils, is due to be erased as part of a major government-led overhaul. Preston will then be incorporated into a new, larger council covering a broader and yet-to-be-determined area. In light of this, Preston City Council has agreed to start organising the 2032 event slightly earlier than usual in an effort to ensure its occurrence even after the local authority has disappeared. A city council meeting revealed that the typical preparation time for a Guild is between four and five years, aligning exactly with the probable timing of the council's dissolution. Consequently, councillors voted to set up the Guild Committee, responsible for planning the festival, a full seven years ahead of the renowned extravaganza. Deputy council leader Martyn Rawlinson has emphasised the importance of the historic Preston Guild event, noting that preparations can begin even at this early stage. He said: "We want to respect the traditions and carry [them] on – that's 800 years of tradition. "It sets down a marker [as to] how important this is to Preston – and hopefully we can protect it whatever happens in the next few years." He added that the council wanted "to make a statement that Preston Guild must go ahead". The cross-party committee of five councillors will start with £500,000 of funding to organise the Guild. However, as with previous events, a distinct budget group is likely to be formed closer to the date to manage the significantly larger funds required for the occasion. In 2012, the ten-day celebration cost £5.4m, an amount expected to be reached again by the next Guild. A large share of the budget will be sourced from the half-percent allocation of council tax revenue earmarked for the Guild since 2023, which will continue annually until the 2032 festival. Cllr Rawlinson has emphasised the need for additional resources to ensure the next city gathering surpasses previous events in scale and quality. He has previously estimated that the 2032 Guild could cost twice as much as the one in 2012, with a portion of the expenses typically offset by grants, sponsorship, and merchandise sales. Liberal Democrat deputy opposition leader Neil Darby acknowledged the establishment of the Guild Committee but criticised Labour for lagging behind, noting that his party and some local businesses had been advocating for its formation for "a couple of years". However, Cllr Rawlinson dismissed the notion that the Guild was at risk of being "forgotten about or neglected". Sharoe Green ward councillor Connor Dwyer said the city council needed to convey to its successor the significance of the Guild and Preston's other "civic traditions", suggesting that a formal proposal be made for the new authority to create a dedicated committee to safeguard these practices. Preston's Guild dates back to 1179, following King Henry II's granting of a Royal charter to the city, which included the right to have a Guild Merchant. Since 1542, the events have been held every two decades, with the exception of a wartime absence in 1942, leading to a delayed Guild a decade later before its regular schedule was resumed.

Harvey Nichols to close Beauty Bazaar in Liverpool ONE

Liverpool ONE is set to lose one of its most prominent retailers as Harvey Nichols' Beauty Bazaar is scheduled to close its doors. The store, situated on Manesty's Lane in the city centre, has been in operation since 2012. The Liverpool Echo. reports that staff were informed of the impending closure on Tuesday. A Harvey Nichols spokesperson revealed that the company is focusing on "full category stores" as part of its growth strategy. They stated: "As we implement our strategy to reposition Harvey Nichols for growth, our emphasis is on full category stores within our estate. "We have reviewed our store portfolio and mutually agreed with the Landlord of our Beauty Bazaar location in Liverpool to surrender the lease as we focus on investment into full-category stores. "Unfortunately, this means that our employees in the Liverpool store may be at risk of redundancy. We have entered into a consultation process and are doing everything we can to support those affected by the surrender." A spokesperson from Liverpool ONE said: "Beauty Bazaar Harvey Nichols has made an important contribution to Liverpool ONE's success since opening in 2012. We're committed to bringing the best, in-demand brands to Liverpool ONE and we have well-progressed plans to transform the space that will ensure Liverpool ONE continues to go from the strength-to-strength. We look forward to sharing an update soon." The store is expected to close in mid-April. . The store was among the last to resume operations in Liverpool ONE after the nationwide closure of non-essential stores in March 2020. Unlike other retailers, such as Primark, Zara, and Sports Direct, which reopened in June, Harvey Nichols Beauty Bazaar opted for a phased reopening. Its locations in Knightsbridge, Leeds, Edinburgh, and Manchester reopened between June and August 2020, while the Liverpool store, which features a hair salon, spa, and bar, reopened on September 30, 2020. The three-story Harvey Nichols store in Liverpool ONE offered a range of products and treatments. At its launch in 2012, the store celebrated with a day of pampering, attended by local celebrities and American socialite Olivia Palermo, who cut the ribbon to officially open the store. The decision to open in Liverpool was based on research identifying the city as the UK's second-largest beauty market outside of London. Prior to the store's opening in 2012, Daniela Rinaldi, the retailer's then-group concession and beauty director, stated: "Girls in Liverpool have single-handedly held the banner for glamour. They are groomed within an inch of their lives. They live and breath beauty and this is a thank you to them. "Globally this will be the first time international and premium brands will be housed within such a luxurious environment. It has superseded everyone's expectations and the most used word in this store is 'wow' so it is perfectly in keeping with the name of our fabulous champagne and cocktail bar."

Hellofresh issues stark sales warning after opening UK site shut and 900 jobs at risk

Hellofresh, the recipe box delivery firm based in Germany, has issued a warning that its sales are likely to drop this year. However, it anticipates an increase in profit as it prolongs its cost-cutting initiative, as reported by City AM. The company announced in the latter half of 2024 that its cost-saving programme would be extended until 2026. Hellofresh predicts a decrease in revenue, on a constant currency basis, of between three and eight per cent in 2025. Despite this, the firm aims to boost its adjusted earnings before interest and taxes (EBIT), excluding impairment, to between €200m (£168.6m) and €250m, a rise from €136m in 2024. It also expects its adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation) to increase to between €450m and €500m in 2025. In a statement, the group said it concluded 2024 "with a strong financial profile that is reflective of the company's focus on pursuing higher profitability and cash flow generation over volume growth". For the past year, Hellofresh reported an adjusted EBITDA of €399.4m, a decrease from the €447.6m it achieved in 2023. Group revenue totalled approximately €7.66bn in 2024, representing a 0.9 per cent year-on-year growth on constant current terms. Dominik Richter, co-founder and CEO of Hellofresh, stated: "In H2 2024 we entered an efficiency reset period." "After five years of solid progress, highlighted by a 34 per cent revenue CAGR and an almost 9x increase in AEBITDA, we are now pursuing the next stage of our strategy." "This stage is initially marked by having to rightsize our cost base across all major categories and improve our unit economics." The company further underscored its commitment to fiscal management: "Driving strong AEBIT and free cash flow performance will enable us to make strategic investments in our product quality, variety and deliciousness in 2025 and beyond." Additionally, enhancing customer relations is a priority: "We are confident that levelling up the customer experience and product will contribute to higher retention of existing customers, and to unlocking new customer segments for the group." Hellofresh is set to announce its full set of results for 2024 on Thursday, 13 March. As reported by City AM towards the end of October 2024, there were plans to shut down one of Hellofresh’s significant UK sites, jeopardising 900 jobs. The Nuneaton distribution facility is expected to continue operations until mid-2025. This 237,000 sqft establishment, inaugurated in 2020, was Hellofresh's second location. Previously, in a month before, City AM disclosed that Hellofresh UK notably reduced its pre-tax loss as it approached the £500m turnover milestone and decreased its workforce by 15 per cent. For 2023, the company posted a pre-tax loss of £755,000 in its Companies House accounts, improving from a loss of £22.1m in 2022. During the same timeframe, the company's turnover rose from £468.4m to £489.9m. The results also revealed a decrease in Hellofresh UK's average workforce from 2,159 to 1,842 within the year.

DFS upgrades profit expectations as credit deals and new products spur demand

Cost savings, interest free credit options and changes to product ranges have helped furniture retailer DFS to upgrade full year profit expectations. New interim results for the Doncaster-based chain, which has about 115 stores across the UK and Ireland, show reported pre-tax profits leapt from £15.8m in the 26 weeks to the end of December 2024, compared with just £900,000 in the same period of 2023. Underlying pre-tax profit was £17m, up from £8.2m the year before. DFS made the gains despite revenue falling 0.1% during the period to £504.5m, which was due to use of interest free credit offers to entice customers. Gross sales were up 1.4% to £675.6m. Bosses said product innovation and partnerships with brands such as La-Z-boy had pleased customers and range changes across the firm's Sofology brand - acquired in 2017 - had driven higher order volumes. Order intake growth was 10.1% in a market said to be in slight decline. Meanwhile cost saving efforts meant the business is on track to make £50m annualised savings by its 2026 financial year. Tim Stacey, DFS group CEO, said falling interest rates will reduce interest free credit costs, helping the firm on its way towards its gross margin target and pre-pandemic level of 58%. He also said falling interest rates would help demand - which is about 20% below pre-pandemic levels - to recover thanks to more house sales. The performance means DFS has upgraded expectations of profit before tax and brand amortisation to between £25m and £29m, providing there is no further supply chain disruption of the type experienced in the Red Sea. Mr Stacey said: "Our improved profit performance in the first half is testament to the strength of our customer proposition, the dedication of our colleagues and our collective focus on operational excellence, evidenced through increased market shares and customer satisfaction scores.

Gong Cha: Bubble tea brand to open 225 new UK stores in nationwide expansion

Bubble tea aficionado Gong Cha has unveiled ambitious expansion plans to launch over 225 stores in the UK, a move set to generate nearly 2,000 jobs, following a franchise agreement with Costa Coffee heavyweight Jinziex. Originating from Taiwan in 2006 and now headquartered in London, Gong Cha's partnership with Jinziex is a key part of its global strategy to hit 10,000 outlets by 2032, as reported by City AM. Jinziex, a nascent venture, is steered by a trio of industry experts: Diljit Brar of Goldex, Azha Rehman from Kaspa's Desserts, and Steve Falle, managing director at WY&SF Ltd. With a presence in 28 countries through more than 2,100 locations, Gong Cha currently operates 13 stores within the UK. Despite facing financial challenges as reported by City AM in September 2024, with sales declines in Korea, the US, and Australia, Gong Cha remains optimistic about its UK prospects. The first batch of Jinziex's Gong Cha stores are slated to open their doors in April, with locations including Sidcup, Gravesend, Romford, and Hornchurch. Paul Reynish, the global CEO of Gong Cha, expressed his enthusiasm for the UK market, stating: "Across Europe we continue to see fantastic interest from potential franchisees keen to bring the world's fastest-growing tea brand to their market." He added, "But where it mattered most to us was the UK, which is one of the most exciting markets for us globally." Reynish concluded with confidence in their new partnership: "After a careful selection process, we're delighted to partner with Jinziex – a proven and highly respected food and beverage franchise operator – who match our ambitions to become the clear bubble tea market leader in the UK. "As a market, the UK has huge potential for us. It's a market that is constantly evolving, ripe with innovation, and made up of consumers willing to try new and exciting products." "We firmly believe it is one of the most significant markets in the global F&B industry, and one of the reasons we relocated our global HQ to London in 2019." "Now, with our expanded footprint, we want to play a leading role in shaping the next decade of the UK's food and beverage industry, while cementing Gong Cha as a household name. We can't wait to show the UK how tea is meant to be." Diljit Brar, CEO of Goldex, added: "Gong Cha is a fantastic global brand with a truly unique customer offer that plays into the heart of changing consumer tastes and trends."

Bristol Clean Air Zone 'final blow' for historic family-run store

One of Bristol's longest-running shops will be shutting down in the next few months. Army surplus store Marcruss has blamed the introduction of the Clean Air Zone as the 'final blow' to its fortunes. The shop on Hotwell Road has been a staple for outdoor enthusiasts for decades, but is set to close its doors this summer. The family-run retailer has been under the stewardship of the Pinson family for more than 60 years, and even longer as an army surplus and camping equipment store. In a message shared on its Facebook page, Marcus Pinson and his family expressed their gratitude to customers throughout the years and made a final appeal for support to clear out the remaining stock. "It is with a heavy heart that we write to inform you of the difficult decision to close Marcruss Outdoors for the last time this summer," read the statement. "Unfortunately, the harsh economic climate has made it impossible for us to continue. Despite having weathered countless recessions and even the challenging lockdowns, the final blow has come in the form of the Clean Air Zone." The family conveyed their deep appreciation for the opportunity to serve their community, saying the shop was more than just a business but a place where they could offer "expert advice, exceptional customer service, and foster a sense of community". They added: "We would also like to extend our heartfelt gratitude to all those who have worked here over the years. Their loyalty, commitment, and hard work have been the foundation of our success. We couldn't have reached the milestones we did without their dedication, and we consider both our customers and staff to be part of the Marcruss family. "As we prepare to close our doors, we kindly ask for your support in helping us clear our remaining stock. We have some fantastic bargains available, and we would love for our loyal customers to benefit from these final sales. "The closing of our doors will certainly be a loss, and we believe that the vibrant city of Bristol will feel a little less bright without us. Thank you for your support throughout the years. We will cherish the memories and are forever grateful for the opportunity to have served you." Marcruss was a traditional family store selling a wide range of outdoor clothes and equipment. Marcruss was born when Frank Pinson and his son Trevor took over an existing army surplus store in the mid 1960s. Set across three floors, it has four departments selling camping and ski wear, workwear and wet weather clothing and boots. On the ground floor, the most popular items were the ranges of army surplus and Airsoft guns and accessories. Trevor's sons Marcus, Russ and Adam took over from him. In the 1980s and 1990s, the family-owned nine shops across the West Country, stretching from Gloucester to Torquay, but consolidated to a single shop on Hotwell Road during the last recession. In 2022, with the impending Clean Air Zone in Bristol, which would impose a £9 charge on approximately 20% of vehicles entering the city, Marcus expressed grave concerns for his business. Speaking in May 2022, he said: "I think it could essentially kill us off because it starts from Ashton and unless people are allowed to come into this area, nobody's going to shop in here."