House of Fraser to be sold to new China parent

House of Fraser (HOF), which also runs the iconic Jenners store on Edinburgh’s Princes Street, is being sold by its Chinese owners in the latest sign of upheaval on the high street.

Sanpower-owned group Nanjing Xinjiekou Department Store is selling a majority 51 per cent stake in House of Fraser to Chinese tourism group Wuji Wenhua.

It comes after recent trading troubles at HOF and amid a dismal start to 2018 for UK retail, with Toys R Us and Maplin both collapsing into administration in February.

A HOF spokesman said it was “business as usual” at the chain in the UK, adding that the move was “just a change of ownership”.

Sanpower bought House of Fraser in 2014, but the deal has since proved illfated for the Chinese giant, with UK trading under pressure and little success in its plans to launch department stores worldwide.

HOF reported a near-3 per cent fall in sales in the crucial six weeks to 23 December.