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House of Fraser confirms investment deadline

House of Fraser has said it requires investment no later than 20 August in a posting to the Luxembourg stock exchange, where its bonds are listed. 

The troubled department store chain said: “House of Fraser confirms that discussions continue with interested investors and its main secured creditors, which are focused on concluding as quickly as possible to enable receipt of an investment required by no later than 20 August 2018.

“House of Fraser thanks all of its employees, suppliers and other stakeholders for their ongoing support.”

Sky News reported that potential investors had been told to submit best and final offers before lunchtime today. Bids from Sports Direct owner Mike Ashley, Edinburgh Woollen Mill Group owner Philip Day and turnaround specialist Alteri Investors are thought to remain in the picture.

Philip Day’s bid is thought to avoid an administration process while Ashley’s is reported to involve putting the department store chain through a pre-pack administration.

PwC is said to be preparing to outline creditors’ preferred options to HoF’s advisor Rothschild as early as today, but insiders said the timeline could slip.

Drapers has contacted HoF for comment.

 

 

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