House of Fraser in Telford will remain open, saving 150 jobs, it has been confirmed today.
The store in the Telford Centre shopping mall was set to close under previous company voluntary arrangement (CVA) proposals.
James Keany head of national agency at CBRE, who acted on the negotiations, said: “This is another example of what can be achieved when landlords work with us to ensure we deliver on the House of Fraser rescue plan”.
He told Drapers that the agency is close to announcing a handful of further deals and that discussions “have had a good run this week”.
Telford Centre is undergoing a redevelopment, and an 80,000 sq ft new fashion quarter is due to be completed next spring.
Michael Thomas, senior asset and development manager for developer Sovereign Centros, said: “The new owners vision for House of Fraser provides a perfect platform for the launch of Telford Centre’s Fashion Quarter in spring 2019 and we will be working closely with House of Fraser over the next 12 months to ensure that vision is delivered.”
Sports Direct acquired HoF for £90m in a pre-pack deal earlier this month.
Michael Murray, Sports Direct’s head of elevation, said earlier this week: “We said we would keep as many stores open as possible, and in less than a week we have saved the biggest store. Oxford Street was meant to close in January and now it’s safe which is great news for all parties.
“Everyone must remember it was a bust business and we need landlords, councils and brands to pull together to save House of Fraser on the high street.”