Sports Direct 'regrets' buying House of Fraser

Nearly a year ago Mike Ashley's Sports Direct firm brought House of Fraser out of administration in a deal costing 90 million pounds. It was meant to be the start of a turnaround for the embattled department store chain, with Ashley promising to turn it into the "Harrods of the high street."

One year on and HoF is nowhere near to becoming a Harrods-style high street destination, with Ashley stating his purchase of the store may have been a mistake.

'On a scale out of five, with one being very bad and five being very good, House Of Fraser is a one. If we had the gift of hindsight we might have made a different decision in August 2018,' the company said on Friday when it revealed a hefty 674 million euro (605 million pounds) tax bill from Belgium authorities.

The full-year results had been due to be published on 15 July but were delayed until 26 July, in part, because of uncertainty over the future trading performance of House of Fraser said the BBC.

"It is always disappointing to see a business which has been under invested and poorly managed as ultimately the employees and the consumer suffer the most. The results of House of Fraser in this first period with the Group show what a challenge turning the business around will be and highlights what a shambles previous management had left it in. We recognise the transition and re birth will take time and commitment but look forward to the challenge and building a business all stakeholders can be proud of," the company said its in annual report on Friday.