As the year comes to an end, we are reflecting on the businesses that we lost in Croydon in 2024.
This year has seen many businesses enter administration, such as Boots and TGI.
Some of these businesses have been acquired by other businesses and reopened as a new store, whereas others have become empty units.
Boots
In June 2023, Boots’ parent company – the Walgreens Boots Alliance – announced that it would be closing 300 of its pharmacies, and the Pharmaceutical Journal reported that all of these closures would be completed by the end of the summer.
A total of seven south London stores closed down this year, with two of them being in Croydon.
The Boots store in Eothen House in Caterham and the store on 1 Central Parade in New Addington faced closures this year.
A spokesperson for Walgreens Boots Alliance said at the time: “Evolving the store estate in this way allows Boots to concentrate its team members where they are needed and focus investment more acutely in individual stores with the ambition of consistently delivering an excellent and reliable service in a fresh and up-to-date environment.”
Carpetright
Carpetright entered administration on July 22 with PwC appointed to oversee the process.
The administrator said the business had faced "challenging trading conditions, predominantly due to changing consumer preferences and a drop in home improvement spending post-pandemic".
Tapi Carpets and Floors Limited has rescued the Carpetright brand and 54 stores following the administration of Carpetright Limited.
The Croydon store within Furniture Village was not acquired by Tapi and closed down in the summer.
The Croydon store on Purley Way was acquired by Tapi.
A statement on the Carpetright website says: “We are desperately sad not to have been able to save more of the business and customer orders.
“However, as we looked into the details of the situation, we quickly established that saving the entire business was unviable.
“Carpetright has been materially loss making for a number of years, and it has significant debt held by the owner.
“We believe that we were the only offer that the administrator received that saved a large number of roles.
“We were also mindful of how the Competition and Markets Authority (CMA) may view a larger deal.”
Body Shop
In February 2024, Body Shop entered administration.
As a result, 75 stores in the UK closed, including six in south London.
Body Shop in the Whitgift Centre closed and became one of the 46 empty units in the shopping centre.
The retailer appointed insolvency experts from FRP Advisory to oversee the administration process.
FRP Advisory’s Tony Wright previously said: "In taking swift action to right-size The Body Shop UK store portfolio, we have stabilised the business.
"We remain fully focused on exploring all options to take the business forward."
TGI Fridays
In September, TGI Fridays entered administration, and it was announced that 35 of its restaurants would be closing.
The Croydon branch on 704 Purley Way was among those being axed.
A new deal was agreed with private equity firms Breal Capital and Calveton UK to save some restaurants and will now operate under the Liberty Bar and Restaurant Group Limited name.
Julie McEwan, chief executive of TGI Fridays UK, said: "TGI Fridays is a much-loved brand with a rich heritage.
"The news today marks the start of a positive future for our business following a very challenging period for the casual dining sector as a whole.
"We look to the future with confidence that the TGI Friday’s brand will continue to attract loyal and new guests."
A spokesperson for the new owners said: "We are delighted to be working with such an enthusiastic and committed management team to both modernise the business and capitalise on the heritage of this iconic brand."
