Frasers Group which owns the Sports Direct, Flannels and House of Fraser brands said in a London Stock Exchange disclosure the disposal included a number of freehold and long leasehold retail parks held by its wholly owned subsidiaries to RI UK1 Ltd.
Frasers Group plans to use the proceeds of sale towards the working capital of the company and its group operations.
Go deeper with GlobalData
“Frasers Group fascias will operate from leases within these properties where appropriate. Frasers Group in the ordinary course of business purchases and sells properties from time to time, in this instance, significant disposal to one counterparty has led to this Class 2 announcement.”
The move followed Frasers Group acquiring Missguided in a GB20m (US$25.2m) rescue deal in June after the online fashion retailer fell into the hands of administrators.
See Also:
Just Style’s news editor Hannah Abdulla said at the time the takeover of Missguided was a little off-course for Frasers Group. She explained Missguided’s mostly online offering is a far cry from previous acquisitions like House of Fraser (HoF) and Flannels, as well as its own Sports Direct brand which all have a strong retail presence.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
