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Mulberry warns HoF administration could hit profits

Luxury accessory brand Mulberry has warned the collapse of ailing department store House of Fraser could result in a ”material reduction” in its full-year profits.

Mulberry operates 21 House of Fraser concessions and is owed £2.4m by the retailer. After reviewing debtor balances, fixed assets and potential costs, the brand is expecting to provide £3m in exceptional costs for the six months to 30 September 2018.

House of Fraser’s unsecured non-preferential creditors are thought to be owed around £484m, a report from administrator EY has shown. Amounts owed to creditors will not be paid, as only £600,000 will be distributed among all the unsecured creditors under insolvency legislation.

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