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HoF deal "to be signed today"

Drapers understands that the deal for 89% of House of Fraser to be acquired by Chinese owners will be signed today, according to informed sources.

Nanjing Xinjiekou, the retailing division of Nanjing-based Conglomerate Sanpower, will buy the controlling stake in Highland Holdings, HoF’s parent company.

It is not known what will happen to the 11% stake that Sports Direct controversially acquired from Sir Tom Hunter, although Drapersonline reported last Sunday that the sports business, which is controlled by Mike Ashley, is prepared to sell to the Chinese at a profit.

 

Readers' comments (1)

  • The Chinese have more money than sense, as they are almost buying fresh air, but as they desperately want a foothold in the u.k good old loss making HOF will do!

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