Mike Ashley has said he will plough hundreds of millions of pounds into House of Fraser in relaunching it and taking it upmarket — in return for a three-year rent holiday.
The Sports Direct tycoon, who bought the department store chain out of administration for £90m in August, plans to take the fight to John Lewis by opening 31 rebranded “Frasers” stores over the next five years, with five due in 2020.
They will be opened on the sites of existing House of Fraser stores and on some new sites, including one in Liverpool that is currently being refurbished.
