RCS - Sports Direct Intl. - Acquisition of House of Fraser

FrasersAnnouncement

10/08/2018 13:50

RNS Number : 5079X
Sports Direct International Plc
10 August 2018
 


 
Date: 10 August 2018
MEDIA STATEMENT (VIA RNS REACH)
 
SPORTS DIRECT INTERNATIONAL PLC ("SPORTS DIRECT" or the "GROUP")
  
SPORTS DIRECT ACQUIRES HOUSE OF FRASER
 
 
Sports Direct was pleased to announce earlier today the acquisition of the business and assets of House of Fraser.  House of Fraser is one of the UK's premium fashion, home and beauty retailers. 
 
The group has acquired all of the UK stores of House of Fraser, the House of Fraser brand and all of the associated stock.  The business was purchased out of administration for a cash consideration of £90m.
 
Chief Executive Mike Ashley said: "This is a massive step forward and further enhances our strategy of elevation across the Group. This will benefit both House of Fraser and Flannels in the luxury sector. We will do our best to keep as many stores open as possible. It is vital that we restore the right level of ongoing relationships with the luxury brands. Our deal was conservative, consistent and simple. My ambition is to transform House of Fraser into the Harrods of the High Street."
 
Ends.
 



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