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

HoF held 'funding crisis talks' as advisers called in

Embattled department store chain House of Fraser has reportedly held funding talks with specialist lenders amid continuing tough trade of the high street.

The retailer is said to have asked for up to £40m from turnaround firms such as Alteri Investors, which is backed by the US hedge fund Apollo Global Management, The Sunday Times reports.

The talks are thought to have ended two weeks ago, without any deal.

A spokeswoman said: “House of Fraser is a privately owned business. We have the full financial support of our shareholders.”

House of Fraser has £400m of borrowings in a mixture of bonds and bank debt.

Meanwhile the company’s lenders have appointed business consultancy EY to advise on the future of the business.

A syndicate of banks, understood to include HSBC and Industrial and Commercial Bank of China, appointed EY earlier this week, as first reported by Sky News.

Earlier this month, HoF’s controlling Chinese shareholder, Nanjing Xinjiekou Department Store, said it would sell 51% of HoF to Chinese tourism group Wuji Wenhua.

Readers' comments (2)

  • If HOF had more funding it would not make a scrap of difference. It has never been particularly well run and hasn't had the foresight to change the business with the times. It is a dinosaur, though it is not alone in that respect and does not merit or attract serious investment.

    Unsuitable or offensive? Report this comment

  • darren hoggett

    On this evidence alone, HOF will hit the buffers sooner rather than later. £40M does not seem remotely sufficient and ultimately futile, as it will not solve the fundamental issues of the self inflicted wounds that got them into this situation in the first place.

    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.

читать детальнее на сайте

https://velotime.com.ua