House of Fraser set to appoint administrators

  • House of Fraser set to appoint administrators
    Independent.t. E.
    House of Fraser said “significant progress” in achieving the sale of the business and assets of the group.
    https://www.independent.ie/business/world/house-of-fraser-set-to-appoint-administrators-37202767.html
    https://www.independent.ie/incoming/article36985875.ece/ba881/AUTOCROP/h342/01.jpg

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House of Fraser said “significant progress” in achieving the sale of the business and assets of the group.

Hey, which is expected to be appointed today as administrators is to continue the discussion in the hope of achieving a deal “shortly after his appointment”.

Alex Williamson, Executive Director of house of Fraser, said: “we hope that soon the ongoing negotiations are completed.

“The acquisition of the 169-year-old retail business will see house of Fraser to find stability, confidence and financial stability.

“Within two weeks after Cenbest and S. banner the deal ended, the Directors put forward a number of potential buyers and a group of financial consultants to perform a complex process of a merger or acquisition to identify and develop other outside interests, which resulted in the senior secured creditors leading talks with participants at a critical pace.”

House of Fraser Chairman Frank Slevin said, “It was an extremely difficult six months, during which it delivered so many critical elements of the turnaround plan.

“Despite the recent cessation of the transaction between Cenbest and S. banner, I’m sure, “Fraser house” is close to ensuring its future.”

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