Sign up USA
Proactive Investors - Run By Investors For Investors

Sports Direct buys House of Fraser property in Glasgow

Sports Direct wants to turn Frasers into the "Harrods of the North"
House of Fraser
The Glasgow outlet's future looks safe; others might not make the grade, however

Sportswear flogger Sports Direct International PLC (LON:SPD) has acquired a property in Glasgow from which the House of Fraser trades.

The company has agreed to acquire for £95mln the heritable interest in 21/31 Buchanan Street, 8 & 24/28 Mitchell Street, 140/142 Argyle Street, 148/152 Argyle Street, 35/53 Buchanan Street and 34/50 Mitchell Street, Glasgow from Glasgow City Council as administering authority for The Strathclyde Pension Fund.

READ: Batch of House of Fraser stores look set to close this week, with Sports Direct boss Mike Ashley blaming “greedy landlords”

Sports Direct intends to continue to operate the property as Frasers, thereby reportedly saving 800 jobs, and said it would invest in the property “to further elevate and enhance this iconic department store”.

“We are overwhelmed and proud to own such an iconic destination. Acquiring the freehold enables us to elevate and invest in the store in order to partner with a broad range of luxury brands in future,” said Michael Murray, who is head of something called “elevation” - quite possibly he is a lift operator – at Sports Direct.

Susan Aitken, the leader of Glasgow City Council, claimed that Glasgow is the UK’s number one retail centre after London and that the House of Fraser store on Buchanan Street “is a city institution, much loved by generations of Glaswegians”.

“A major investment on this kind of scale is a clear vote of confidence in Glasgow; and credit must also go to hundreds of Fraser’s staff, who are absolutely integral to the business’ success and its enduring popularity with city shoppers,” she said.

Completion is to take place in January 2020.

View full SPD profile View Profile

Sports Direct Timeline

Newswire
September 29 2015

Related Articles

Flying Brands
July 17 2018
“We look forward to the future with confidence and excitement," said Flying Brands boss Trevor Brown.
H&T Pawnbrokers store
July 02 2018
Last year the company saw gross profits jump 45% thanks to a booming personal loan book and robust sales of luxury second-hand watches and jewellery.

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You understand that the Company receives either monetary or securities compensation for our services. We stand to benefit from any volume this write-up may generate.

You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Copyright © Proactiveinvestors.com, 2018. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use