New House of Fraser bid

Published: 4-May-2006


New takeover speculation surrounding UK high street retailer House of Fraser has heightened after the group confirmed it has been approached by a potential buyer.

The move has been played down by House of Fraser however, who has described the anonymous interest as preliminary. Media speculation has linked Baugur, an Icelandic investor, with a possible takeover, though this has not been confirmed by the department store chain. Baugur, headed by entrepreneur Jon Asgeir Johannesson, has invested heavily on the UK high street, most notably with Woolworths and toy retailer Hamleys. It also acquired 10% of House of Fraser's shares in April.

Earlier this year separate takeover talks for House of Fraser collapsed and sales results show a fall of almost 4%, although the company has revealed a small rise in annual profits.

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