Telford’s House of Fraser store has been rescued after agreeing terms with the department store’s new owner Sports Direct.
The terms of the deal, which has saved 150 jobs, were not disclosed. The Telford Centre store was one of 31 shops earmarked for closure.
Earlier this week CBRE, Sports Direct’s HoF property advisers, said HoF’s Oxford Street flagship would remain open after signing a new deal with its landlords.
As part of the retailer’s company voluntary arrangements before it fell into administration, 31 of its 59 stores were set to close.
James Keany, head of national agency at CBRE, said: “This is another example of what can be achieved when landlords work with us to ensure we deliver on the HoF rescue plan.”
The agency has agreed “a number of deals” this week on HoF’s stores.
Telford Centre is currently undergoing a £55m redevelopment, which includes a new 80,000 sq ft fashion quarter, due to complete in spring 2019.
Michael Thomas, senior asset and development manager for developer Sovereign Centros, the asset manager for Orion Capital Managers, said: “The new owner’s vision for House of Fraser provides a perfect platform for the launch of Telford Centre’s Fashion Quarter in Spring 2019 and we will be working closely with HoF over the next 12 months to ensure that vision is delivered.”
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