Retail entrepreneur and billionaire Mike Ashley has offered to buy a majority stake in House of Fraser in a bid to outdo the Hamleys owner C.Banner.
Ashley has put forward what h considers ‘better terms’ than those offered by the Chinese fashion conglomerate who last week revealed it was delaying its deal.
Ashley – the founder of Sports Direct – wrote a letter to House of Fraser’s finance advisers around four weeks ago to lay out his offer, source close to the matter said.
According to reports, he has since been in talks with advisers, although those discussions are yet to progress further. Sports Direct already holds a 11.1 per cent stake in House of Fraser, as well as a 27.5 per cent stake in rival retailer Debenhams.