New lifeline on offer
Woollen Mill boss Day in talks with House of Fraser
Frasers store in Glasgow: future uncertain
Philip Day, the billionaire owner of Edinburgh Woollen Mill, is in talks with House of Fraser as the department store chain faces collapse.
Mr Day, who also controls fashion chains Jaeger, Jane Norman and Peacocks, is considering an investment after China’s C.Banner pulled out of a £70m rescue deal.
House of Fraser, which owns Jenners, has also drawn interest from Sports Direct tycoon Mike Ashley, who is keen to strike a deal.
The Sports Direct founder, who owns 11% of House of Fraser, has approached House of Fraser with what he considered to be “better terms”, but discussions are at an early stage.
Investment bank Rothschild is advising House of Fraser which has confirmed it is in talks with alternative lenders and investors, believed to include turnaround specialist Alteri.
The 169-year-old retail chain could be forced into administration if it does not secure a deal, putting the future of its 59 stores and 17,000 employees at risk.
Edinburgh Woollen Mill recently announced it would be relocating its head office from Langhom in the Borders to Carlisle.