House of Frazer bought by Sports Direct

Discussion in 'Bulletin Board' started by Farnham_Red, Aug 10, 2018.

  1. Farnham_Red

    Farnham_Red Administrator Staff Member Admin

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    So House of Frazer went into Admin this morning as was immediately bought by Sports DIrect not sure what to make of that. seems an awfully quick fix to be bought so fast. I thought Administrators were supposed to persue the best solution - as others are allegedly interested it looks a bit like the fastest bid or am I looking for conspiacies that arent there?
     
    Farnham_Red, Aug 10, 2018
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  2. Dan

    DannyWilsonLovechild Well-Known Member

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    Sounds partly like a prepack arrangement. Ashley owned about 30% of the shares and had been looking at increasing his holding, may even have been a creditor too. Suspect he had been advised to bide his time and let it go pop once the landlord creditors agreement was challenged. Administrators often look for the fastest best solution as they make a killing for very little work and can say they did it for business continuity and to eliminate uncertainty.
     
    DannyWilsonLovechild, Aug 10, 2018
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  3. North Yorks Red

    North Yorks Red Well-Known Member

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    Don’t see how it can be anything other than ethical tbh, it’s not as if either party could be considered even remotely dodgy is it?
     
    North Yorks Red, Aug 10, 2018
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  4. Donny Red

    Donny Red Well-Known Member

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    He's paid £90 million for it. Wonder if he'll review the decision to close 31 of the groups stores.?
    There will be a lot of folks sweating on whether they will have a job or not.
     
    Donny Red, Aug 10, 2018
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  5. Dan

    DannyWilsonLovechild Well-Known Member

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    The closures were an effort by the previous buyer (C-Banner who own Hamleys) to reduce the size of their property portfolio, and a condition of them acquiring it). Ashley isn't bound by those terms, but I believe some creditors were challenging that ruling as it was against the terms of a CVA. Going into admin should overrule that however, and Ashley starts from scratch to choose what he wants to do to make the company a going concern.
     
    DannyWilsonLovechild, Aug 10, 2018
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  6. North Yorks Red

    North Yorks Red Well-Known Member

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    bet Raffas not happy either
     
    North Yorks Red, Aug 10, 2018
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  7. arabian_ian

    arabian_ian Well-Known Member

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    Maybe a lot of people sweating over the thought of Ashley as their new boss.
     
    arabian_ian, Aug 10, 2018
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  8. lk3

    lk311 Well-Known Member

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    He was in talks about a £50m loan but pulled the plug in it, so all due diligence would already have been completed.
    Suspect as others have suggested let it go into admin, then he is in stronger position to negotiate with landlords etc
     
    lk311, Aug 10, 2018
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  9. 6ozDave

    6ozDave Well-Known Member

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    Maybe they just want to be like their new boss?
     
    6ozDave, Aug 10, 2018
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  10. AthersleyRed

    AthersleyRed Well-Known Member

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    Capitalism eh..
     
    AthersleyRed, Aug 10, 2018
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  11. pompey_red

    pompey_red Well-Known Member

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    Wonder what the middle classes will think when their aga’s are being manufactured by kangol?!
     
    pompey_red, Aug 10, 2018
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  12. Micky Finn

    Micky Finn Well-Known Member

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    House Of FraSer
     
    Micky Finn, Aug 10, 2018
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  13. Jimmy viz

    Jimmy viz Well-Known Member

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    Lots of lovely zero hour contracts and modern slavery to look forward to. Yummmy.
     
    Jimmy viz, Aug 10, 2018
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