House of Fraser in administration
House of Fraser is appointing administrators following an inability to secure the investment it was seeking. Administrator EY has confirmed that the business will continue to trade from its 59 stores whilst it seeks a buyer for all or part of the department store chain.
CEO of House of Fraser, Alex Williamson said in a statement: "We are hopeful that the current negotiations will shortly be concluded. An acquisition of the 169 year old retail business will see House of Fraser regain stability, certainty and financial strength. In the two weeks since the Cenbest and C banner transaction ceased, the directors have brought forward a number of potential buyers and the Group's financial advisors have run a comprehensive M&S process to identify and then develop other third party interest that has culminated in the senior secured creditors leading negotiations with parties at a critical pace."