House of Fraser buys Beattie's

Department store chain House of Fraser has decided to purchase rival James Beattie for GBP 69.4 million in an effort to boost its presence in the UK. In a statement on Tuesday, House of Fraser revealed that it will pay 168 pence per share for Beattie.

Beattie shares rose 10.9 per cent to 162.5 pence in early trading on Tuesday, reaching their highest level in three years. House of Fraser Chief Executive, John Coleman, said: "The addition of the Beattie stores will add 653,000 square feet of profitable retail space, strengthening House of Fraser's nationwide coverage."