Chinese conglomerate acquires 89% stake in House of Fraser for £480m
Chinese conglomerate Sanpower Group has acquired an 89 per cent stake in Highland Group Holdings – parent company to House of Fraser – for £480m.
The buyout has been executed via its subsidiary company luxury department store chain Nanjing Xinjiekouwhich and is expected to be finalised within four months subject to Chinese regulatory clearances.
House of Fraser executive chairman Don McCarthy will step down from his position once the transaction has been cleared.
McCarthy said the news opens an “extremely exciting” chapter in the UK department store’s future.
“The acquisition by Nanjing Cenbest will allow House of Fraser’s Management Read full story ›
Source: The Drum
