The collapse of UK retailer BHS yesterday will not impact negatively on Gibraltar, where the local franchise holder has already made arrangements to bring a new brand to the Rock.
International Franchises, which for 30 years has successfully traded in Gibraltar as BHS, is finalising arrangements to bring another major UK brand to Gibraltar.
Details of the move were revealed as BHS announced yesterday that it had gone into administration, putting 11,000 jobs at risk and threatening the closure of up to 164 stores across the UK.
But Nicholas Russo, a director of International Franchises, told the Chronicle that Gibraltar would escape the full impact BHS’ financial woes.
“We had been expecting this for a long time and we are bringing another major UK brand to Gibraltar,” he said.
“There will be no job losses here, quite the opposite.”
Mr Russo would not reveal the name of the new brand but said International Franchises, which employs around 80 people across its businesses, had been planning to make the change in January, 2017.
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