John Lewis Partnership (JLP) has revealed it took a £22m hit in expenses arising from its departure from the build-to-rent (BTR) market earlier this year.
In its annual report, published last week, JLP also revealed that its Other Partnerships division, which includes the BTR business, faced a £72m loss.
According to the report, the partnership’s full operating profit for 2025-26 stood at £242m, comprising £256m from Waitrose, £58m from John Lewis and the £72m loss from Other Partnerships.
JLP announced it was withdrawing from the sector in February, following a “fundamental shift in the economic conditions”.
It launched its BTR business in 2020 and progressed three major schemes in Reading, Bromley and West Ealing.
The retailer said it would refocus on its core John Lewis and Waitrose businesses. JLP blamed its withdrawal from BTR on the sector’s rapidly evolving climate, claiming its ambitions were based “on a very different financial environment: one with more stable investment returns, lower borrowing costs and more affordable costs to build”.
The annual report also revealed that the partnership’s headcount had fallen to 65,700, from 69,000 a year prior.
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