House of Fraser handed £30m by Chinese owner

Published on: 3rd April 2018

Chinese owner is supporting the business in an increasingly hostile retail environment.

Sanpower Group, chaired by billionaire Yuan Yafei, injected £15m into House of Fraser last week, on top of another £15m it gave to the company in September last year.

Yafei has voiced his intention to keep supporting House of Fraser after it suffered a drop in sales over the crucial Christmas period. Yafei handed the money to House of Fraser through Nanjing Cenbest, the Shanghai-listed subsidiary of Sanpower.

House of Fraser, which was bought by Sanpower three years ago, is in talks with landlords about reducing the cost of its property portfolio to save on its £140m rent bill. The chain, which employs 6,000 people, has also discussed its £400m debt pile with turnaround firm Alteri.

Questions were raised over Sanpower’s commitment to House of Fraser when it emerged the company was in talks with Wuji Wenhua, a Chinese leisure company, about offloading a 51 per cent stake in the business. There are now multiple suitors involved in talks with Sanpower, although no decisions have yet been made.


DreamToys attracts extensive media coverage

Warnings for Christmas supply chain chaos as peak trading season beckons

Hornby sales surge as more take up hobbies in lockdown

Orchard Toys celebrates 25 years of best-selling game Shopping List

UL offers free webinar to help companies navigate Brexit

Smiffys takes on Masha and the Bear licence

Kidicraft introduces new 3D Harry Potter puzzles

DreamToys announces top 12 toys for Christmas 2020

The 2020 DreamToys list in full

AIS buying group appoints Sue Kemp as managing director