The decision to downsize is part of a broader strategy to drive efficiencies following the company’s recent acquisition spree. Credit: Shutterstock

Frasers said that in line with its statement at the end of September, it was necessary for Murray’s consultancy firm, MM Prop Consultancy Ltd, and Frasers Group to finalise terms on consultancy service agreements which will terminate prior to Michael Murray’s appointment as CEO on 1 May 2022

Murray is currently ‘head of elevation’ for Frasers Group, which owns the House of Fraser, Flannels and Sports Direct brands. Engaged to Ashley’s daughter, he was tasked with modernising and creating a more upmarket image for the business. 

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

MM Prop Consultancy Ltd is entitled to up to 25% of any value created by services provided to the Group and has agreed to waive contractually due amounts, including part crediting previous payments under this agreement, such that the Group receives a 40% discount as part of the finalisation and cessation of the consultancy agreement.  

The final payment to be made by the Group to MM Prop Consultancy Limited following the application of this discount is GBP20.9m (US$26.9m). This paves the way for Murray to take the helm of Frasers Group as CEO on 1 May. 

Murray commented: “[I] am confident we are going to take the Group to new heights with the progress we are making in our elevation strategy. I want to ensure we continue to serve our consumers with the world’s best sports, premium, and luxury brands so that we can continue to deliver for our colleagues, shareholders and partners.” 

See Also:

The board added: “The agreement with MM Prop Consultancy Limited has delivered significant financial and strategic value for the Group and its stakeholders. We are delighted that Michael will now drive us forward in our elevation journey, which we are already making strong progress with.” 

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.

Company Profile – free sample

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
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Frasers has also announced that on 22 April 2022 it purchased 185,070 of its ordinary shares from Liberum Capital Limited (acting as the Company’s broker) at an average price of 696.32 pence per share, as part of the Company’s buyback programme announced on 1 April 2022. The purchased shares will all be held as treasury shares. 

Frasers Group recently upped its investment in Hugo Boss for the second time.