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House of Fraser bought by Sports Direct

Department store chain House of Fraser has been bought by Sports Direct, which had owned 11% of the group, after briefly going into administration.

The sportswear retailer has paid £90m for the 59 store chain hour after EY was appointed administrator after talks between the retailer and its creditors failed to reach an agreement.

It had warned that it needed to secure new funding by 20 August so it could pay its concession holders.

‘The group has acquired all of the UK stores of House of Fraser, the House of Fraser brand and all of the stock in the business,’ said Sports Direct.

‘It was a challenging transaction to achieve in such a short period of time which will ensure continuity of the business and preserve the goodwill. We hope that this will give the business the stable financial platform that it requires to flourish in the current retail environment,’ said Alan Hudson, one of the four co-administrators.