Sanpower news and archive

Chinese owner of HoF, said to inject fresh funding into company

Amid growing fears concerning the future of struggling department store group House of Fraser, comes news that its Chinese owner is preparing to inject fresh capital into HoF. Sanpower, which holds an 89 percent stake in House of Fraser through its Shanghai subsidiary Nanjing Cenbest, is set to inject 15 million pounds into HoF, as part of its...

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HoF seeks out financing as takeover talks subside

London - House of Fraser's future remains uncertain after news emerges the struggling retail chain is seeking out additional financing. HoF is said to have held talks with Alteri Investors, turnaround specialist, in an attempt to secure a cash injection of 40 million pounds according to a report from the Sunday Times. The talks come as HoF seeks...

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Management

House of Fraser H1 profits and sales hit by heavy discounting

British department store chain House of Fraser half-year earnings fell to an 8.6 million pound loss for the 26 weeks to July 29, 2017, down significantly from its EBITDA profit of 900,000 pounds for H1 2016. House of Fraser’s like-for-like sales and profits for the first half of the year dropped after being heavily disrupted by HoF’s new online...

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Management

Nigel Oddy to depart House of Fraser after less than two years

London - Nigel Oddy's name will soon join the growing list of House of Fraser seniors to exit the department store group over the last 21 months, as the Chief Executive officer is set to leave the company. Oddy's departure from House of Fraser comes less than two years after he first took-up the reins as chief executive. A spokeswoman for House...

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Hedge funds scoop up House of Fraser bonds

London - A number of American hedge funds have begun buying up bonds from British department store group House of Fraser as trading concerns rise. Apollo Global Management Group, based in New York, is said to have been among the hedge funds to have bought bonds, according to The Sunday Times. The moves follows on from last year, when the...

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House of Fraser gears up for debut Chinese opening

London - Department store group House of Fraser is preparing for its debut store opening in China, after the original launch date in spring 2016 was pushed back due to plans for the Chinese New Year. In its financial update for the 26 weeks to July 30, 2016, released Tuesday morning, HoF revealed that they had made "good progress" with its store...