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House of Fraser suitor issues profit warning

A Chinese company thought to be linked to the bidder for a stake in House of Fraser (HoF) has issued a substantial profit warning.

Fullshare Holdings has announced on the Hong Kong stock exchange that it expects to see a 30% drop in group net profit for its 2017 financial year ending 31 December.

The board explained that an energy firm it bought in 2016 has not yet contributed to group profit.

Nanjing Xinjiekou Department Store Co., which owns 89% of HoF, is currently in advanced talks to sell a 51% stake to tourism company Wuji Wenhua.

Fullshare, which is controlled by billionaire Ji Changqun, owns 45% of Wuji Wenhua, according to The Mail on Sunday.

If the deal is approved, it is understood that Nanjing Xinjiejou would retain a 38% stake in HoF.

Nanjing Xinjiekou, a subsidiary of Sanpower Group, originally bought its 89% stake in HoF in 2014. The remaining 11% is owned by Mike Ashley.

Readers' comments (1)

  • Nothing like adding to everyone’s confidence. No literally. Nothing.

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