House of Fraser rescued from administration in £90m buy out by Sports Direct’s Mike Ashley

Sports Direct’s Mike Ashley has swooped on House of Fraser in a £90 million rescue deal that includes all of its stores.

In a statement to the stock exchange, Sports Direct confirmed it had bought the retailer for £90 million in cash, shortly after it fell into administration this morning.

“The group has acquired all of the UK stores of House of Fraser, the House of Fraser brand and all of the stock in the business,” it said.

More details of what it means for the group’s 17,000 staff are expected to follow.

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