House of Fraser’s Chinese shareholder has promised to inject more than £30m to ease the department store chain’s strained finances.
Sanpower Group, controlled by Yuan Yafei, pumped in £15m last week to help meet payments to concessionaires and landlords. It is expected to provide at least the same amount again shortly.
The funding comes on top of £15m given to House of Fraser by Sanpower last September.
The Sunday Times also has a feature on the 59-strong department store chain as concerns grow about its future. Like other mid-market retailers, it has suffered from weak trading. Credit insurers have pulled cover for its suppliers and lenders have brought in accountancy firm EY. House of Fraser held talks with the distressed-retail investor Alteri last week.
