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Ashley buys Glasgow’s House of Fraser

 

The 350,000 sq ft Frasers store employs 800 people and stocks brands including Hermes, Christian Louboutin, Prada and Gucci.

Spotrs Direct said the deal demonstrated HoF’s “significant commitment to transforming the company.”

Michael Murray, head of elevation at Sports Direct, said: “We are overwhelmed and proud to own such an iconic destination. Acquiring the freehold enables us to elevate and invest in the store in order to partner with a broad range of luxury brands in future.”

Kevin Sims of CBRE, who represented House of Fraser during the acquisition, said: “It is an iconic store and much of the success of Buchanan Street over the last 20 years has been built around having Frasers as an important anchor tenant for the street. This fully cements House of Fraser’s intent to create a luxury department store business.”

Susan Aitken, leader of Glasgow City Council, added: “Glasgow is the country’s number one retail centre after London – and the House of Fraser store on Buchanan Street is a city institution, much loved by generations of Glaswegians. A major investment on this kind of scale is a clear vote of confidence in Glasgow; and credit must also go to hundreds of Fraser’s staff, who are absolutely integral to the business’ success and its enduring popularity with city shoppers.”

 

Mike Ashley has vowed to create the “Harrods of the North” after he secured the freehold for House of Fraser’s Glasgow store in a £95m deal.

The 350,000 sq ft Frasers store on Buchanan Street employs 800 people and stocks brands including Hermès, Christian Louboutin, Prada and Gucci.

Sports Direct said the deal demonstrated its “significant commitment to transforming the company”.

Michael Murray, head of elevation at Sports Direct, said: “We are overwhelmed and proud to own such an iconic destination. Acquiring the freehold enables us to elevate and invest in the store in order to partner with a broad range of luxury brands in future.”

Kevin Sims of CBRE, who represented House of Fraser during the acquisition, said: “It is an iconic store and much of the success of Buchanan Street over the last 20 years has been built around having Frasers as an important anchor tenant. This fully cements House of Fraser’s intent to create a luxury department store business.”

Susan Aitken, leader of Glasgow City Council, added: “Glasgow is the country’s number one retail centre after London – and the House of Fraser store on Buchanan Street is a city institution, much loved by generations of Glaswegians. A major investment on this kind of scale is a clear vote of confidence in Glasgow; and credit must also go to hundreds of Fraser’s staff, who are absolutely integral to the business’ success and its enduring popularity with city shoppers.”

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