[15], In February 2006, the Group announced that it had received a preliminary bid approach valuing it at £300 million, and in August 2006 House of Fraser confirmed a takeover approach from the Highland consortium who acquired the Company for £351.4 million in November 2006. [16] Highland Group Holdings Limited was 35% owned by Landsbanki.
In the 1990s several stores were closed and fifteen stores transferred to a joint venture with British Land Company, which then continued operating under their old name. The group noted that the Frasers strategy is to create a superior shopping experience[38] for the consumer which will be led by the original Frasers in Glasgow. due by 18 June 2019, for HOUSE OF FRASER GROUP LIMITED (09071599), Companies House does not verify the accuracy of the information filed, 31 Jul 2014 - Small branches were to be relinquished and replaced with larger units. House of Fraser is a British department store group with 47 outlets across the United Kingdom. [citation needed], In 2005, the group acquired Jenners (£46m), and Beatties (£69m). On 10th August 2018 the business filed for administration, before being bought by Mike Ashley’s Sports Direct International (SDI) later that day. The Arnotts and Frasers groups were created by House of Fraser from scratch. By 1891, it was known as Fraser & Sons. The company was founded by Hugh Fraser and James Arthur in 1849 as a small drapery shop on the corner of Argyle Street and Buchanan Street in Glasgow, Scotland trading as Arthur and Fraser. These key groups, together with the flagship store of each one, and the regions to which they are largely associated are:[citation needed], Over the years, the following department stores have closed and no longer trade as part of the company. [1] Other developments during the 1980s included the introduction of "Lifestyle" merchandise ranges and a huge investment in store refurbishment nationwide. By 1891, it was known as Fraser & Sons. [1] In 1948 the Company, now named House of Fraser, was first listed on the London Stock Exchange. Later acquisitions included Howells (1972) and Army & Navy Stores (1973). [1], The company established a wholesale trade in adjoining premises in Argyle Street. 31 Jul 2014.
[1], During the late 1850s and early 1860s the retail business was run by a professional manager – first Thomas Kirkpatrick and then Alexander McLaren. Ownership of the group passed to the Al Fayed family in 1985 (£615million), and in 1995 it was listed in the FTSE Index as House of Fraser plc, with Harrods moved into the private ownership of the Al Fayeds.
[1] In 1973 the House of Fraser Group was considering merging with the British pharmacy company Boots, and was even subject to a written answer in the House of Commons. The Al Fayeds supported the continuing expansion of the Company and replaced the stag's head logo with a stag leaping from a green triangle with shop signs of this period using a double-layered san serif typeface. Our first international store opens in Abu Dhabi's world trade center mall. [1], In 1879, the current flagship store on Oxford Street in London was opened by Dan Harries Evans, a 23-year-old from Whitemill in Carmarthenshire, Wales who had previously been apprenticed to a draper in Forest Hamlet near Merthyr Tydfil, Wales. The closure of House of Fraser Outlet in Leicester also took place during the year and a further closure, in Aylesbury, was announced for 2018, however, this never materialised following the acquisition by Sports Direct International. In 1865 McLaren joined the retail business and the name was changed to Fraser & McLaren. In May 2018, amid a tough retail landscape, the group entered a company voluntary arrangement which included plans to close over half of House of Fraser stores. [13] and on 14 January 2006, closed its Dickins & Jones store in London's Regent Street following a substantial rent increase. [11] In addition to buying companies, House of Fraser continued its own development programme and opened several more stores including its first store outside the UK (since the disposal of the Switzer business in Ireland in 1991) in Dundrum Town Centre, Dublin, Ireland.
[7], House of Fraser set up BL Fraser, a 50–50 joint venture with the British Land Company, in 1999 to buy 15 House of Fraser stores that would continue to be operated by House of Fraser. A number of regional groups of stores were acquired and subsequently extended or amalgamated. The retailer rebutted the claims and the matter was resolved in January 2020.
[1] In 1865 the partnership between the partners was dissolved and Fraser assumed control of the retail business leaving Arthur with the wholesale business. Business Mike Ashley verdubbelt belang in Hugo Boss met Frasers Group. [32] Soon after the acquisition, many store closures were announced including the previously safe Manchester store, as well as Nottingham, Lakeside, Gateshead and Norwich, among others. In 2003, Tom Hunter put forward a hostile bid for the Group, with the possible intention to merge with Allders, another department store he had shareholdings in. In September 1990, two new department stores were opened, a House of Fraser in the Meadowhall Shopping Centre in Sheffield, and Schofields in Leeds. [5], The company, by then House of Fraser PLC, diversified into sports goods under the name of Astral Sports and Leisure (subsequently sold to Sears plc, owned Olympus Sport division) and into funerals with Wylie & Lochhead. [1], After Hugh Fraser II died in 1927, his son Hugh Fraser III, an accountant, became Chairman of the business.
Want to know more about how the magical walk-in wardrobe we call home came to be? In 1985, the Al Fayed family bought the business for £615 million. In the Frasers Group plc interim results in December 2019, the group noted it was starting to see signs of recovery as it continued to integrate the business into the Group and bring new disciplines, experience, and skills to bear which were helping the turnaround.
If you continue to use our website, we will assume you are happy to receive cookies from us and our partners. In 1994 House of fraser becomes a PLC, and is floated on the stock exchange for £484 million. House of Fraser launched the HouseofFraser.com "Buy & Collect" concept shop in October 2011 with its first location in Aberdeen.
Later that day Sports Direct (now Frasers Group) agreed to buy the assets of the business – the House of Fraser stores, brand and the stock – for £90 million in cash. [40] In addition to the flagship Glasgow location, the planned conversion of House of Fraser Belfast to the Frasers format was confirmed on 8 May 2019. [1], By 1900, Hugh Fraser II was in charge: he incorporated the business as Fraser & Sons Ltd in 1909 and introduced the famous stag's head motif. On 10 August 2018 Mike Ashley's Sports Direct chain agreed to buy the business (stores, stock, brand) for £90 million after the chain went into administration earlier that day. More info, Free £10 voucher when you spend over £100, order by 5pm for delivery Monday to Saturday. In 1953, with Hugh Fraser's sons at the helm, we add binns ltd to our list of businesses bought, extending our reach across Scotland and into north east England and Carlise. [citation needed]. [4], In 1981, Prof. Roland Smith succeeded Sir Hugh Fraser as chairman. [12] as well as stores in Maidstone and Norwich. By 1941, what started as a small local shop acquired a number of businesses in Scotland and became House of Farser ltd. With executive chairman Don McCarthy, chief executive John King and the rest of the highland group team now running the show, we launch 12 new house brands, each with their own identity and target market, they quickly develop a following. Fraser sold the property sites to insurance companies, leasing them back for long terms at advantageous rates. [26] Sanpower Group is a 22 percent shareholder of the Nanjing Xinjiekou Department Store Co.[26] On 2 September 2014 Don McCarthy, retiring Executive Chairman of House of Fraser, announced the completion of the sale of 100% of the preferred ordinary shares and B ordinary shares, and approximately 89% of the A ordinary shares and preference shares of Highland Group Holdings Ltd, to Nanjing Xinjiekou Department Store Co, a leading chain of Chinese department stores and part of the Sanpower Group, for an enterprise value of approximately £480 million.[27]. De Britse miljardair Mike Ashley, eigenaar van de Frasers Group, heeft zijn belang in Hugo Boss verdubbeld van 5,1 naar 10,1 procent, via aandelen en derivaten. [29] Before the intended closures the company employed 6,000 people directly, with another 11,500 employed through concessions. On 10 August 2018, House of Fraser entered administration. [6] There were many store closures in this period which included the closure or selling off of branches in locations including Sheffield (House of Fraser), Newcastle (Binns), Sunderland (Binns), Bradford (Rackhams) and Leeds (Schofields which had closed only six years after opening although House of Fraser continued to have a presence with their Rackhams (now House of Fraser store) in the city) with the loss of around 1,000 jobs. In 1891 Hugh also joined the partnership which by then was called Fraser & Sons. In 1948, the company was first listed on the London Stock Exchange.
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