Sports Direct’s Mike Ashley to acquire House of Fraser for £90mn

By Bruno Reis

Mike Ashley, the founder of Sports Direct International plc, has announced the acquisition of UK-based retailer House of Fraser.

The deal has been valued at £90mn (US$115.06mn).

The news follows House of Fraser falling into administration after the firm and its creditors were unsuccessful in reaching an agreement, the BBC reported.

All of the firm’s 59 shops in the UK were anticipated to open on 10 August – including 31 that had previously been marked for closure.

“Sports Direct International plc […] announces the acquisition of the business and assets of House of Fraser from the administrators of House of Fraser Limited, House of Fraser (Stores) Limited and James Beattie Limited,” Sport Direct revealed in a statement.


“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.”

The company currently employs 17,500 members of staff – including 11,500 people who work in concessions.

In 2014 Mike Ashley acquired an 11% stake in House of Fraser, and has considered buying all shares for several years, the Guardian claims.

The businessman also has a 29.7% in Debenhams, a House of Fraser rival.


Featured Articles

Top 10 largest revenue generating family businesses in MENAT

From the UAE to Turkey, these family firms are the largest by revenue in MENAT and cover everything from energy to entertainment

Top 10 metaverse projects in the UAE, including world firsts

As Accenture predicts the metaverse will fuel a US$1 trilion commerce opportunity by 2025, we round up 10 pioneering metaverse projects in the UAE

PwC’s survey shows Middle East CEOs remain upbeat on growth

CEOs in the Middle East are far more optimistic about regional growth than those in North America and Europe, according to PwC’s annual survey

Opinion: “Why we must tackle the digital skills crisis"

Leadership & Strategy

5 Mins With: Kathryn Kaminsky Vice Chair Trust Solutions PwC

Leadership & Strategy

Survey: The Future of Cloud Security in the Middle East