Ashley looks upmarket again
Tuesday 27 November 2012 5:00
Newcastle United owner Mike Ashley is reportedly looking to continue his retail portfolio’s move upmarket with a stake in department store chain House of Fraser.
The sportswear tycoon is said to have met with unnamed shareholders to discuss buying out investors and creating a strategic partnership.
According to The Telegraph the deal could be announced in the next couple of weeks.
If a deal comes off it will be the latest move upmarket by his Sports Direct empire, which acquired an 80% shareholding in retail chains USC and Cruise for £7m last year and bought a 51% stake premium clothing brand Flannels in the summer.
House of Fraser was launched during World War II as the drapery business Fraser, Sons & Co in Glasgow and was bought by a consortium led by the now defunct Icelandic retail investor Baugur in a £351m deal in November 2006.
House of Fraser formed part of a portfolio of British businesses backed by Baugur before it collapsed, with Baugur's 33% stake reverting to fellow Icelandic bank Landsbanki.
House of Fraser declined to comment and Sports Direct was not immediately available.
The sportswear tycoon is said to have met with unnamed shareholders to discuss buying out investors and creating a strategic partnership.
According to The Telegraph the deal could be announced in the next couple of weeks.
If a deal comes off it will be the latest move upmarket by his Sports Direct empire, which acquired an 80% shareholding in retail chains USC and Cruise for £7m last year and bought a 51% stake premium clothing brand Flannels in the summer.
House of Fraser was launched during World War II as the drapery business Fraser, Sons & Co in Glasgow and was bought by a consortium led by the now defunct Icelandic retail investor Baugur in a £351m deal in November 2006.
House of Fraser was part of an extensive portfolio of British businesses backed by Baugur before it collapsed, with Baugur's 33% stake reverting to fellow Icelandic bank Landsbanki.
House of Fraser declined to comment and Sports Direct was not immediately available, reports said.