UK: House of Fraser silent on hire of IPO advisers
A float could reportedly happen later this year
UK department store retailer House of Fraser has remained tight-lipped on reports it is to hire advisers ahead of a potential initial public offering (IPO).
According to a report in The Financial Times, HSBC and Numis could be appointed to advise on a possible GBP350m (US$575.1m) IPO.
A float, the newspaper added, could happen later this year if House of Fraser does not agree to be sold to French department store group Galeries Lafayette.
House of Fraser, however, declined to comment on the situation when contacted by just-style yesterday (6 January).
The department store retailer hailed its "best ever" Christmas trading period earlier this month, helped by strong fashion and online sales.
The group, which operates 61 stores in the UK and Ireland, saw like-for-like sales (excluding VAT) for the three weeks to 28 December increase 7.3%. Online sales jumped 57.7%, while fashion sales grew by 9.8%.
During the first nine weeks of its fourth quarter, House of Fraser said like-for-like sales excluding VAT were up 4.3%.
Galeries Lafayette is expected to show a good performance over the forecast period and even open some new outlets. This is mainly due to the visits of foreign tourists (in its flagship store in Paris)...
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