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House of Fraser sale to China's Sanpower imminent

A majority shareholding in House of Fraser is to be acquired “imminently” by Chinese conglomerate Sanpower, Drapers can confirm.

The deal is likely to be completed by early next week at the latest.

Drapers understands that Sanpower, controlled by multi-millionaire Yuan Yafei,  will be buying 89% of the equity with 11% being retained by a British investor with extensive retail interests.

If completed successfully, the deal will be will be a feather in the cap of HoF chairman Don McCarthy who has worked for many months to find a new owner for the department store group, which has 61 stores.

Readers' comments (1)

  • Major result for HOF if this goes through. For the first time ever, somebody needs HOF more than they need them.

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