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The retailer said “significant progress has been made” in reaching a sale of the group’s business and assets.
EY is expected to be appointed as administrators today and will likely continue discussions in the hope of reaching a deal “shortly after their appointment”.
House of Fraser chief executive Alex Williamson said: “We are hopeful that the current negotiations will shortly be concluded.
“An acquisition of the 169-year-old retail business will see House of Fraser regain stability, certainty and financial strength.
“In the two weeks since the Cenbest and C.Banner transaction ceased, the directors have brought forward a number of potential buyers and the group’s financial advisors have run a comprehensive M&A process to identify and then develop other third party interest that has culminated in the senior secured creditors leading negotiations with parties at a critical pace.”
This is a breaking story. More to follow.
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