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Sports Direct buys House of Fraser in £90 million deal

Sports Direct has bought House of Fraser out of administration in a £90 million deal.

The retailer owned by Mike Ashley has acquired all UK branches of the department store chain, the House of Fraser brand and all stock in the business.

The purchase was announced today (Friday), after struggling House of Fraser called in administrators earlier the same morning.

House of Fraser has a total of 59 UK and Ireland stores including a branch in Manchester here in the North West, and shops in Altrincham and Birkenhead which had been among 31 previously earmarked for closure.

A statement issued by Sports Direct International plc confirming the deal, says: “For the year ended 28 January 2017 (the last date to which statutory accounts are available for the parent company of the operating companies and prior to the appointment of the administrators), the House of Fraser group had gross assets of £946.3m and made £14.7m net profit.”