House of Fraser’s administrators considered selling the 159-year-old department store chain for £1 before accepting Mike Ashley’s £90m offer.
EY, the accountancy firm which oversaw the sale, said offers from 48 interested parties were considered with two of those believed to be the most viable: Mr Ashley’s Sports Direct and an unnamed bidder offering £1.
The unsuccessful bid would have seen House of Fraser’s secured creditors write off the vast majority of their loans, with the repayment of the remaining balance to be deferred.
Separately, both The Sunday Times and The Independent have comment pieces on Mike Ashley’s takeover of the department store chain.
Click here for the full Independent article
Click here for the full Independent comment piece
Click here for the full Times article (£)
