Mike Ashley has bought House of Fraser – and Newcastle United fans are livid August 10, 2018 Sports Direct owner Mike Ashley has been on the end of a backlash from Newcastle United fans after buying failed department store House of Fraserfor £90m this morning. After the firm called in administrators this morning, Ashley pipped Philip Day to sweep up the company at a fraction of the £480m Chinese firm Sanpower paid [...]
Jack Wills stores at risk as Sports Direct kicks off landlord negotiations August 7, 2019 Sports Direct has begun to negotiate with landlords over rent cuts at Jack Wills stores, which could see some branches marked for closure by the end of this week. Mike Ashley’s company is seeking to slash rents at poor performing branches after acquiring the retailer earlier this week. Stores will be shuttered if a new [...]
Mike Ashley proclaims House of Fraser strategy will be a ‘game changer’ ahead of Sports Direct annual meeting September 12, 2018 Sports Direct boss Mike Ashley today said his strategy for newly acquired House of Fraser would be a "game-changer" ahead of his company's annual meeting today. "Our strategy to transform House of Fraser into the 'Harrods of the High Street' will be a game changer," he said. In a statement to the market ahead of [...]
DEBATE: Is Sports Direct founder Mike Ashley the best person to turn House of Fraser around? August 23, 2018 Is Sports Direct founder Mike Ashley the best person to turn House of Fraser around? YES, says David Blair, global chief executive of FITCH. The British high street is crying out for a saviour, and why shouldn’t it be Mike Ashley? He’s a shrewd retailer driving Sports Direct to win against new-age competitors like Amazon. Ashley [...]
Exclusive: Fashion group halted in bid to fill House of Fraser City branch July 30, 2018 An audacious bid to fill the House of Fraser branch in the City has been stopped in its tracks, after the landlord opted to sit on the property while market conditions remain uncertain. The department store on King William Street is one of the 31 slated to close next year under the chain’s company voluntary [...]
Watches of Switzerland boosted by luxury watch demand in first half-year results since listing December 10, 2019 Watches of Switzerland said today that strong demand for luxury watches had helped it boost sales and profit in its first half-year results since floating in May. The high-end retailer said revenue grew 17 per cent to £428.7m in the six months to 27 October and adjusted profit before tax was up 112 per cent [...]
Mike Ashley’s Sports Direct confirms House of Fraser acquisition | City A.M. August 10, 2018 Mike Ashley’s Sports Direct has bought House of Fraser for £90m. The acquisition includes all the UK stores, the brand and all the stock. It comes after the department store chain announced this morning that it is to appoint administrators after it failed to find a solvent solution. The price represents a heavy discount for [...]
House of Fraser appoints administrators EY after talks fail | City A.M. August 10, 2018 House of Fraser is calling in EY as administrators after talks with investors and creditors had “not concluded in a solvent solution”. In a statement to the Luxembourg Stock Exchange the department store said administrators had confirmed that the business would continue trading, including all stores and offices, while they attempted to complete a sale. [...]
House of Fraser denies rumours of CVA showdown June 4, 2018 House of Fraser has insisted its restructuring plan is "on track" despite reports suggesting its landlords could block the plans. The retailer is expected to close a swathe of its stores under a company voluntary arrangement (CVA), the same mechanism used by New Look and Mothercare among others. But some creditors are understood to be [...]
Sirius boss buys shares after project put on review September 18, 2019 The chief executive who put the brakes on his own mining project yesterday has bought more shares in the venture, after they collapsed by more than half. The family of Chris Fraser bought an extra 250,000 of Sirius Minerals shares at just over 4p each, the company revealed in a filing today. The family now [...]