The Chinese owner of Hamleys is in talks to buy a 51 per cent stake in House of Fraser.
C. Banner International said that it had signed a memorandum of understanding with Nanjing Cenbest, the present owner, also of China, to purchase a “possibly very substantial” equity interest in the chain.
The Nanjing-based, Hong Kong-listed C. Banner, which is best known in China for selling footwear, took its first steps in Britain three years ago with a £100m swoop on Hamleys, the 256-year-old toy shop.
It is run by Chen Yixi, brother-in-law of Yuan Yafei, the Chinese billionaire whose Sanpower group is in ultimate control of House of Fraser.
According to the Telegraph C.banner said the move would bolster its “competitive strength”, particularly in the Chinese retail market.
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