Billionaire Mike Ashley-owned Sports Direct has agreed to buy House of Fraser for £90m in cash.
In a statement to the London Stock Exchange, Sports Direct said it has acquired all of the UK stores, brand and stock of House of Fraser. The story was first reported by Sky News.
House of Fraser, which collapsed into administration today morning. has 59 stores across the UK and Ireland.
Confirmation of my scoop that Mike Ashley's Sports Direct International has bought House of Fraser; statement says it has paid £90m for all of HoF's stores and stock, but no disclosure of likely restructuring plans.
— Mark Kleinman (@MarkKleinmanSky) August 10, 2018