Sports Direct International Plc Acquisition of House of Fraser
August 10 2018 - 8:46AM
RNS Non-Regulatory
TIDMSPD
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 GBP90m.
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.
KBA PR
Keith Bishop T. 0207 734 9995
E. sd@kbapr.com
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END
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August 10, 2018 08:46 ET (12:46 GMT)
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