House of Fraser sold to Chinese retail giant

Department store chain House of Fraser has sold a majority stake in its business to Chinese conglomerate Sanpower in a deal worth £480 million.

House of Fraser on Oxford Street in Central London Credit: PA Wire

The Chinese retail giant acquired a 89% stake in the 165-year-old brand's UK and Ireland department stores through its Nanjing Cenbest subsidiary.

Its announcement comes after reports last week that Sports Direct tycoon Mike Ashley had bought an 11% stake in the business in an attempt to derail the deal with the Chinese.

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