Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have s disabled. For the best experience of this website, please enable s in your browser

C Banner calls off House of Fraser deal

Chinese retail group C Banner has called off its plans to invest £70m in House of Fraser, the department store chain has revealed.

In a joint statement, C Banner and House of Fraser confirmed that the Chinese owner of Hamleys is “no longer intending to proceed with the placing as announced on 16 May”.

House of Fraser said: “In light of C Banner’s announcement (and as per House of Fraser’s previous statement to the Luxembourg Exchange) House of Fraser is in discussions with alternative investors and is exploring options to obtain the required investment on the same timetable. 

”Discussions are ongoing and a further announcement will be made as and when appropriate.”

C Banner said its plans to raise funds to invest in HoF had been “rendered impracticable and inadvisable” after its own share price plummeted.

C Banner had planned to place shares which would cover the £70m it needed to finance the investment in HoF, with a target share price of around HK$2.65 (£0.25) - HK$3 (£0.29) expected as sufficient to raise the capital needed.

However since June the share price of C.Banner International Holdings has slumped from HK$2.42 (£0.23) when the share listing was placed to HK$0.71 (£0.06). 

In July, C Banner said it was delaying its investment until legal proceedings with a group of landlords over the department store’s company voluntary arrangement were resolved.

Earlier this week, it was revealed that Mike Ashley’s Sports Direct had taken an interest in lending the troubled department chain up to £50m in finance.

On 31 July credit ratings agency Moody’s stated that House of Fraser was “technically” in default of its loans

 

 

Readers' comments (8)

  • House of Sports Direct on the horizon?

    Unsuitable or offensive? Report this comment

  • House of Flannels?

    Unsuitable or offensive? Report this comment

  • House of Ashley

    Unsuitable or offensive? Report this comment

  • SportsOfFrasersDirect.com

    Unsuitable or offensive? Report this comment

  • Eric Musgrave

    All those lovely HoF stores converted into Sports Direct click n collect depots and warehouses? That's progress, folks!

    Unsuitable or offensive? Report this comment

  • darren hoggett

    The handles have been buffed on the HOF coffin for some years with their unsustainable mix of incompetence and naivety. Their funeral awaits.

    Unsuitable or offensive? Report this comment

  • It’s easy to kick them when they are down. Use this as a mirror on our industry and ask ourselves can we all confidently say we are ready to deal with the challenges that are probably just around the corner ?

    Unsuitable or offensive? Report this comment

  • Nobody has 'kicked HOF down' as they are completely responsible for their situation. They cannot be defended.

    Unsuitable or offensive? Report this comment

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.

https://monaliza.kiev.ua

Нашел в интернете важный портал с информацией про Копирайтер итальянский.
Особенности организации грузоперевозок