A key investor in the House of Fraser rescue deal has pulled out, throwing the fate of the struggling retailer into doubt.
Chinese retail group C.banner was planning to take a controlling stake in the struggling department store chain, as well as inject £70m of cash. But HoF has confirmed that the Hamleys owner has pulled out of the deal.
House of Fraser has stated: “In light of C.banner’s announcement (and as per House of Fraser’s previous statement to the Luxembourg Exchange), House of Fraser is in discussions with alternative investors and is exploring options to obtain the required investment on the same timetable. Discussions are ongoing and a further announcement will be made as and when appropriate.”