Ashley’s House of Fraser revamp

HOUSE Of Fraser department stores are to be rebranded as Frasers and revamped in a bid to take the struggling chain upmarket.

Mike Ashley, the Sports Direct tycoon who bought the High Street firm last year for £90m, has reportedly pledged to spend hundreds of millions of pounds on refits if the store’s landlords grant him a ‘rent holiday’ of three years.

His plan includes opening 31 Frasers over the next five years, according to The Sunday Times, with five coming next year. The revamped stores will be aimed at people aged around 30 and will sell top brands such as Gucci and Paul Smith. They are also expected to include spaces for working and playing video games.

It comes as a report on the health of the High Street warns the national vacancy rate of shops hit a four-year high last month. Research firm Springboard says the 10.2pc rate is the highest recorded since April 2015.