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The new warehouse was an extravagance that the business simply did not need.

The wholesale leap in to on line retail has cost the company dearly as it canabilises its stores sales where costs are already tight to produce very small returns .

The bottom line is that on line sales are nowhere near high enough to pay for the significant on costs of delivering market best which is why the investment has been curtailed.

The new 5 year plan will no doubt have been driven by Sanpower who whilst realising that the companies on line ability is important understand that being good enough rather than exceptional leaves them with capital to invest in store growth both in the UK and Internationally as HOFs brand line up gives them an advantage in many countries.

Chewing through the best part of £150m where the majority goes in to on line was never a sensible plan.

Expect a Chinese trusted CEO ahead of either a sale of HOF or a marriage with other retail brands .