Mike Ashley’s sportswear firm Sports Direct International has come to House of Fraser’s rescue, acquiring the business and assets for £90m.
The cash consideration to be paid to the troubled retailer’s administrators Ernst & Young, appointed earlier this morning, includes all the UK House of Fraser stores, brand and stock.
The most recent available accounts for the House of Fraser Group for the year ended 28 January 2017 showed the retailer had gross assets of £946.3m and made a £14.7m net profit.
Ashley already owns 11% of House of Fraser.
His other business interests include a 30% stake in rival department store retailer Debenhams. He is also the owner of Newcastle United football club.
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