Sanpower news and archive

House of Fraser issues statement that CVA is still 'on track'

House of Fraser has issued a statement in which it denies all recent media speculation that its future is hanging in balance. The department store group claims its business 'is still on track' as reports indicate that it may close its flagship store on London's Oxford Street. The department store group released its statement Sunday evening,...

Business

Landlords to resist retailers use of CVA to slash rent

A group of high street landlords is said to be preparing to challenge retailer's company voluntary arrangements, arguing they are being pressured into agreeing to rent reductions. Struggling retailers, including Mothercare and House of Fraser, are seeking out CVAs in order to avoid insolvency. However, these retailers are now met with increasing...

Business

Chinese owner of HoF, said to inject fresh funding into company

Amid growing fears concerning the future of struggling department store group House of Fraser, comes news that its Chinese owner is preparing to inject fresh capital into HoF. Sanpower, which holds an 89 percent stake in House of Fraser through its Shanghai subsidiary Nanjing Cenbest, is set to inject 15 million pounds into HoF, as part of its...

Business

HoF seeks out financing as takeover talks subside

London - House of Fraser's future remains uncertain after news emerges the struggling retail chain is seeking out additional financing. HoF is said to have held talks with Alteri Investors, turnaround specialist, in an attempt to secure a cash injection of 40 million pounds according to a report from the Sunday Times. The talks come as HoF seeks...

BusinessFeatured

House of Fraser H1 profits and sales hit by heavy discounting

British department store chain House of Fraser half-year earnings fell to an 8.6 million pound loss for the 26 weeks to July 29, 2017, down significantly from its EBITDA profit of 900,000 pounds for H1 2016. House of Fraser’s like-for-like sales and profits for the first half of the year dropped after being heavily disrupted by HoF’s new online...

PeopleFeatured

Nigel Oddy to depart House of Fraser after less than two years

London - Nigel Oddy's name will soon join the growing list of House of Fraser seniors to exit the department store group over the last 21 months, as the Chief Executive officer is set to leave the company. Oddy's departure from House of Fraser comes less than two years after he first took-up the reins as chief executive. A spokeswoman for House...

Business

Hedge funds scoop up House of Fraser bonds

London - A number of American hedge funds have begun buying up bonds from British department store group House of Fraser as trading concerns rise. Apollo Global Management Group, based in New York, is said to have been among the hedge funds to have bought bonds, according to The Sunday Times. The moves follows on from last year, when the...

RetailFeatured

House of Fraser gears up for debut Chinese opening

London - Department store group House of Fraser is preparing for its debut store opening in China, after the original launch date in spring 2016 was pushed back due to plans for the Chinese New Year. In its financial update for the 26 weeks to July 30, 2016, released Tuesday morning, HoF revealed that they had made "good progress" with its store...

People

House of Fraser appoints new chief information officer

British leading department store group House of Fraser (HOF) has announced the appointment of Uday Kotla to the new role of chief information officer, effective from 20 April 2015. In his new role, Kotla will be responsible for the continuation of development for technological led solutions across the business, as well as the integration of...

Fashion

Sanpower acquires House of Fraser for 480 million pounds

Nanjing Xinjiekou, Chinese department store and subsidiary of Sanpower Group, has announced the signing of an official agreement between the Chinese conglomerate and British department store House of Fraser, which sees Sanpower acquiring 89 percent of HoF. The deal values HoF at around 480 million pounds, 30 million pounds higher than previously...

Fashion

Sports Direct acquires 11 percent stake in HoF prior to deal with Sanpower

Sanpower Group, the Chinese conglomerate controlled by multi-millionaire Yuan Yafei, has reportedly signed a deal to take over House of Fraser, which values the British department store group at over 450 million pounds. The agreement entails Sanpower obtaining an 89 percent stake in House of Fraser (HoF), with an terms of the deal and a formal...

Design

Sanpower in talks to acquire House of Fraser for 450 million pounds

Sanpower Group, Chinese conglomerate run by multi-millionaire Yuan Yafei, is said to be in talks with British department store company House of Fraser and has placed a bid that value the company at over 450 million pounds, as the company prepares for an initial public offering. After previous talks between a series of potential buyers, including...