Sports Direct buys House of Fraser for £90m

Mike Ashley, the billionaire founder of Sports Direct, has raised his bet on the struggling UK high street after agreeing to buy the business and assets of department store chain House of Fraser out of administration for £90m in cash. The acquisition consists of "All of the UK stores of House of Fraser, the House of Fraser brand and all of the stock in the business", the group said in a brief statement. His coup marks a dramatic end to a process that began when C.banner, a Hong Kong-listed company that also owns toy store Hamleys, pulled out of an agreement to acquire House of Fraser from its existing Chinese owner, Nanjing Xinjiekou Department Store. Sports Direct already owns 11 per cent of House of Fraser. House of Fraser's 5,000 employees will transfer to Sports Direct.

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