Sports Direct has announced the acquisition of House of Fraser in a deal worth £90m.
This means House of Fraser will now continue trading with all of its remaining UK stores.
This came after news earlier during the morning that the retailer would be taken into administration after failed talks with other potential buyers and creditors.
Before Sports Direct’s takeover move Alex Williamson, Chief Executive of House of Fraser, said: “We are hopeful that the current negotiations will shortly be concluded. An acquisition of the 169 year old retail business will see House of Fraser regain stability, certainty and financial strength. In the two weeks since the Cenbest and C.Banner transaction ceased, the directors have brought forward a number of potential buyers and the Group’s financial advisors have run a comprehensive M&A process to identify and then develop other third party interest that has culminated in the senior secured creditors leading negotiations with parties at a critical pace.”
Frank Slevin, Chairman of House of Fraser, also commented: “This has been an extraordinarily challenging six months in which the business has delivered so many critical elements of the turnaround plan. Despite the very recent termination of the transaction between Cenbest and C.Banner, I am confident House of Fraser is close to securing its future.”