House of Fraser to get cash injection from Mike Ashley?


In a fresh lifeline to struggling House of Fraser, the group has reportedly been approached by Sports Direct founder Mike Ashley over a fresh investment deal.

The high street billionaire has written a letter to House of Fraser’s finance advisers around four weeks ago to lay out his offer, sources with knowledge of the matter told Sky News. The offer is reportedly to fund an emergency £50m deal.

The sports chain owns an 11.1 per cent stake in House of Fraser, which last month detailed plans to close 31 of its 59 shops as part of a rescue deal.