British retailer John Lewis enters wealth administration market Reuters by way of

© Reuters. Individuals stroll previous a quickly closed John Lewis division retailer on Oxford Avenue in London, Britain, March 24, 2021. REUTERS/John Sibley

LONDON (Reuters) – Britain’s John Lewis Partnership is getting into the investments marketplace for the primary time, a part of a plan to generate extra income outdoors of retail, it mentioned on Thursday.

The worker-owned group, which owns the John Lewis division retailer chain and upmarket grocery store Waitrose, has been hammered by the COVID-19 pandemic.

Final October, partnership chairman Sharon White detailed a 1 billion pound ($1.4 billion) restoration plan which included diversifying past retail and looking for extra partnerships.

In search of to reap the benefits of its standing as one in every of Britain’s most well-known and trusted manufacturers, John Lewis mentioned it had teamed up with digital wealth supervisor Nutmeg to supply three moral funding merchandise – a junior ISA, a basic funding account and a shares and shares ISA.

It already gives house insurance coverage and retail credit score.

The partnership’s goal is for 40% of its earnings to return from outdoors retail by 2030.

It is usually getting into the property market. Final month John Lewis mentioned it could construct 10,000 rental properties within the subsequent decade with half of them being developed on its current property.

($1 = 0.7296 kilos)