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Philip Day enters the fray at House of Fraser

Philip Day, the owner of Edinburgh Woollen Mill Group, has been named as one of the potential investors in talks about a rescue deal with House of Fraser.

Sky News reported that Day, whose retail empire includes Peacocks and Jane Norman, is one of a few potential investors referred to by HoF in a statement on Wednesday disclosing it was in talks with unnamed backers.

Sources close to the situation told Drapers that Day had been in meetings with HoF chairman Frank Slevin and chief executive Alex Williamson.

However, they did point out that this could be in relation to a deal to stock EWM Group brands Austin Reed and Jaeger in HoF.

Day is thought to be among other potential investors including turnaround specialist Alteri Investors and Mike Ashley of Sports Direct

Yesterday HoF confirmed that the Chinese owner of Hamleys, C Banner, was “no longer intending to proceed with the placing as announced on 16 May”.

A spokeswoman for HoF said: “In light of C Banner’s announcement (and as per House of Fraser’s previous statement to the Luxembourg Exchange) House of Fraser is in discussions with alternative investors and is exploring options to obtain the required investment on the same timetable.

”Discussions are ongoing and a further announcement will be made as and when appropriate.”

A source told Sky News that Day could still decide not to table a formal proposal to acquire HoF, depending upon due diligence and discussions with the company.

Earlier this week, suppliers voiced fresh concerns for HoF ahead of a “crunch time” later this month when the department store will be faced with rent and rates bills at the same time it is building its inventory ahead of the key peak trading period.

Spokesmen for Day and HoF declined to comment. 

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