×
189
Fashion Jobs
REFLECTOSAFE
Area Sales Manager - Delhi
Permanent · National Capital Region
R AND R SALONS PRIVATE LIMITED
Requirement of Area Manager
Permanent · Bengaluru
REFLECTOSAFE
Area Sales Manager - Chennai
Permanent · Chennai
AQUAGENICS RESEARCH & DEVELOPMENT INDIA PVT. LTD.
Area Sales Manager
Permanent · Pune
MUTHOOT FINCORP
Area Manager
Permanent · Tiruchirappalli
INFINIX
National Sales Manager
Permanent · MUMBAI
1MG
Sales Manager - Diagnostics
Permanent · National Capital Region
DODLA DAIRY LIMITED
Area Sales Manager -Salem
Permanent · Salem
HALONIX TECHNOLOGIES PVT LTD
Area Sales Manager - Fans & Lighting / Retail Sales
Permanent · Ludhiana
BASIC ENTERPRISES PVT LTD
Area Sales Manager
Permanent · Mumbai
ZEE LABORATORIES LIMITED
Area Sales Manager / Regional Sales Manager
Permanent · Bhopal
CROSS COUNTRY INFOTECH
Production Manager
Permanent · Jodhpur
PROPERTYXPO.COM
Area Sales Manager| Real Estate Portfolio Management | Gurgaon
Permanent · Gurugram
RELIABLE CLOTHING PVT. LTD
Production Manager - Garment Manufacturing Export House
Permanent · Mumbai
HUMAN TOUCH
Sales Manager - Mumbai
Permanent · Mumbai
KAZO FASHION PRIVATE LIMITED
Garment Technician
Permanent · Noida
UMANO HEALTHCARE PRIVATE LIMITED
Regional Sales Manager / Area Sales Manager- (Pharma Sales) mp
Permanent · Bhopal
OLIVE GREEN CONSULTING LLP
Urgently Looking For Production Manager - Gurgaon
Permanent · Gurugram
MONEYWISE FINANCIAL SERVICES
Area Sales Manager || Nbfc (Lap / bl) - Delhi
Permanent · National Capital Region
MAGICBRICKS
Area Sales Manager
Permanent · Thane
KENT RO SYSTEMS
Corporate Sales Manager
Permanent · Chennai
RELAXO
Area Sales Manager
Permanent · Bargarh
Published
Aug 10, 2018
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Sports Direct wins House of Fraser for £90m after administration filing

Published
Aug 10, 2018

Sports Direct tycoon Mike Ashley achieved a long-held ambition on Friday, winning control of House of Fraser with a £90 million offer after the chain had filed for administration.


House of Fraser is in administration but a new owner should be announced quickly


​No deal had been agreed to secure House of Fraser’s future on Thursday and the venerable department store chain called in administrators EY, but said the stores would continue trading with the search for a buyer set to move fast.

It’s believed HoF turned down a “lowball” offer to buy it and to continue operating 31 stores earlier this week. But billionaire Mike Ashley, the Sports Direct tycoon who had an 11% stake in HoF, always looked to be a frontrunner, although Philip Day, Edinburgh Woollen Mill owner, was also keen to buy a slimmed-down HoF, as was turnaround specialist Alteri.

It was clear on Friday that the situation would move fast with HoF saying talks with potential buyers had “not concluded in a solvent solution,” but that “significant progress has been made towards completing a sale of the group's business and assets. The proposed administrators are expected to continue to progress those discussions with a view to concluding a transaction shortly after their appointment.”

So exactly what happens now? As mentioned, all of its 59 stores are open, including the 31 that the firm had planned to close next year, although the 17,500 staff (including over 11,000 who work in its many concessions) will be uncertain about their futures as it's unclear how many stores Ashley will close.

Despite the intensive rescue talks of recent weeks, analysts said there was always a strong chance that HoF would end up in administration and a 'pre-pack' administration deal was most likely. That's a pre-agreed process that has been used many times in the UK in recent years, new owners who could have bought it prior to administration frequently preferring to buy a post-administration business that would be relatively free of legacy obligations such as pension liabilities and long-term store leases.

The deal needed to be concluded quickly as the company required a funding injection by August 20 to pay a rent bill. 

Sports Direct has said little about the purchase, apart form confirming it in a regulatory filing on Friday. But HoF chief executive Alex Williamson had earlier said: "An acquisition of the 169-year-old retail business will see House of Fraser regain stability, certainty and financial strength."

And chairman Frank Slevin had added: “I am confident House of Fraser is close to securing its future.”

Copyright © 2022 FashionNetwork.com All rights reserved.