Frasers Group launches share buyback programme

Frasers Group has announced plans to buy back up to 70 million pounds of its own shares.

The programme, which will run until April, aims to strengthen the British fashion group’s share price, the company said Monday.

The announcement comes just a week after Frasers Group revealed it had secured fresh funding to support its expansion.

The group, which owns brands Sports Direct, Flannels, House of Fraser and Jack Wills, said earlier this month it had refinanced 930 million pounds in bank facilities as part of its ongoing elevation strategy.

Jointly led by HSBC UK and backed by several other lenders, the deal refinances 913.5 million pounds of existing loan facilities and adds 16.5 million pounds in fresh funding.

The group has grown aggressively in recent years by opening new stores and snapping up smaller rivals.