Landlords approach Philip Day on HoF store takeover

Philip Day’s Edinburgh Woollen Mill group is in talks with a group of landlords to take over a number of House of Fraser stores, which could include potential asset sales as well as new leasing agreements. Around 10-15 landlords have approached Day, one of the losing bidders for the department store, about taking over several shops. These would have scope to house the retail stalwart’s Days Department Store concept, which Day plans to roll out across the UK.  It is understood that the Edinburgh Woollen Mill Group has offered to pay higher rents than those paid by the department store, as well as acquiring some stores outright. HoF went into administration last week, and was then bought out by Mike Ashley’s Sports Direct group in a pre-pack deal.  The sale meant that leases and rents on its 59 stores are up for renegotiation. It had previously begun company voluntary arrangements, but these were nullified.  CBRE, which was named on Monday as Sports Direct’s property adviser on matters relating to the purchase, has begun discussions with HoF’s landlords. To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette