The sale of department store chain House of Fraser to Chinese consortium Nanjing Cenbest has completed.
The deal will see 100% of the preferred ordinary shares and B ordinary shares and approximately 89% of the A ordinary shares for approximately £480 million.
“We are delighted to have completed the purchase of House of Fraser today,” said Yuan Yafei, chairman of Sanpower Group, the largest shareholder of Nanjing Cenbest.
“It is an unprecedented transaction and the largest acquisition of a foreign retailer by a Chinese listed company. We would like to express our heart-felt appreciation and gratitude to Don McCarthy, retiring Executive Chairman of House of Fraser; John King, CEO; Mark Gifford, CFO; Nigel Oddy, COO and the rest of the management team for all their hard work. In addition, we would also like to thank our advisors and other institutions for their efforts in helping us complete this deal."
"We are excited to tap the significant opportunities that House of Fraser has in China, where the brand has very strong growth potential. We are looking forward to bringing international brands to China through House of Fraser, providing Chinese consumers with premium fashion products. We are extremely confident House of Fraser will become a leading global department store and will serve as a bridge for premium brands between China and Europe.”