Sports Direct has acquired the business House of Fraser for a cash consideration of €100.3m (£90m). Pursuant to the transaction, the group has acquired all of the UK stores of House of Fraser, the House of Fraser brand and all of the stock in the business. For the year ended 28 January 2017, the House of Fraser group had gross assets of €1,1bn (£946.3m) and made €16.4m (£14.7m) net profit.
Earlier this year the Uk retailer has filed for CVA, with plans to close 31 stores nationwide, reducing the total number to 28. The move is was expected to cost 6,000 jobs, including 4,000 brand and concession roles. The company also had plans for the relocation of its head offices in London and Glasgow.
House of Fraser was established 169 years ago and employs 17,500 people, including 11,500 concession staff.