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House of Fraser chairman Don McCarthy prepares to exit in event of IPO

House of Fraser chairman Don McCarthy plans to step down from the role if the department store chain rejoins the stock exchange.

Drapers understands that McCarthy would leave the role and be replaced by an independent chairman in the event of an IPO.

It is believed that McCarthy does not wish to be chairman of a listed company, however it is thought that he could take up a non-executive role at the department store group.

It is believed that House of Fraser met with advisers this week in order to get a clear understanding of when a possible IPO could take place. Drapers understands that House of Fraser could list on the London Stock Exchange between June and August 2014. The float is likely to be valued at about £350m.

The forthcoming IPO would mark the third time HoF has publicly listed. The retailer first floated in 1948 and remained a public company until it was acquired by Mohamed Al Fayed in 1985, as part of his acquisition of HoF-owned Harrods.

It returned to the stock market in 1994 before being acquired in 2006 by a group of investors led by Icelandic tycoon Jón Ásgeir Jóhannesson’s Baugur Group in a £350m deal.

Readers' comments (1)

  • The quoted £350m figure is fanciful. I would amazed if the float figure was as high as that for a business that least we forget, currently fails to make any profit.

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