Jul 30, 2018
House of Fraser offered cash injection by Mike Ashley
Struggling House of Fraser is understood to have been approached by Sports Direct founder Mike Ashley over a fresh investment deal. According to Sky News, House of Fraser needs £50m to prevent it collapsing. Mr Ashley is believed to have approached House of Fraser around four weeks ago, before landlords challenged the retailer's rescue deal. House of Fraser is using company voluntary arrangements, a form of insolvency proceedings, to overhaul its business. House of Fraser is one of a number of retailers struggling amid falling consumer confidence, rising overheads, the weaker pound and the growth of online shopping.
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