House of Fraser names funding deadline

10 Agosto, 2018, 13:53 | Author: Arnold Perez
  • The troubled department store needs new funding by no later than next week

House of Fraser said administrators Ernst & Young had confirmed that the business would continue trading, including all stores and offices, while they attempted to complete a sale.

It added: "For the year ended 28 January 2017 (the last date to which statutory accounts are available for the parent company of the operating companies and prior to the appointment of the administrators), the House of Fraser group had gross assets of £946.3m and made £14.7m net profit".

Sports Direct boss Mike Ashley, who already owns an 11% stake in House of Fraser, also approached the chain in July over a potential investment deal.

House of Fraser employs 17,500 people, including 11,500 concession staff.

House of Fraser's Lincoln store is opening later on Friday, August 10. The administration is due to be arranged at a court hearing early on Friday morning. A scene on the store said it would open later than usual at 11am.

The retailer has one store in Dublin and one in Belfast, though neither were in the cohort of outlets marked for closure under the rescue plan.

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House of Fraser told the Luxembourg stock exchange that "discussions continue" with potential investors.

At that time chief executive Alex Williamson said: "We are hopeful that the current negotiations will shortly be concluded".

House of Fraser has been plunged into fresh crisis after C.banner, the Chinese owner of Hamleys, pulled its investment into the troubled retail chain.

House of Fraser chairman Frank Slevin said: "This has been an extraordinarily challenging six months in which the business has delivered so many critical elements of the turnaround plan".

The chain said discussions between interested investors and its main creditors did not conclude in a "solvent solution" and it has no choice but to appoint administrators.

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