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LON250:SPD, Oct 16, 08:39 UTC

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Friday, October 12


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Sports Direct to create 'Harrods of the North' with Glasgow department store

SPD

They are hoping to ‘further elevate and enhance’ the ‘iconic department store’ in a huge revamp, driven by the House of Fraser brand, bought by Sports Direct after collapsing into administration in August. Sports Direct has spent £95 million on the 350,000sq ft store and the move will save 800 jobs. Susan Aitken, leader of Glasgow City Council, said: ‘A major investment on this kind of scale is a clear vote of confidence in Glasgow, and credit must also go to hundreds of Frasers staff who are absolutely integral to the business’s success and its enduring popularity with city shoppers. Share this with Share this article via emailCreated with Sketch.Share this article via messengerShare this article via smsShare this article via flipboard More trending stories »More videos »More videos ».

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Harrods of the North: Sports Direct buys Glasgow's Frasers building in £95m deal

SPD

Sports Direct has vowed to create the "Harrods of the North" after clinching a £95 million deal to buy Glasgow's Frasers building in a move that saves 800 jobs. House of Fraser said the "Harrods of the North" vision would be realised with the site continuing to host luxury brand names including Hermes, Christian Louboutin, Prada and Gucci. Michael Murray, head of elevation at Sports Direct, said: "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. Susan Aitken, leader of Glasgow City Council, said: "A major investment on this kind of scale is a clear vote of confidence in Glasgow, and credit must also go to hundreds of Frasers staff who are absolutely integral to the business's success and its enduring popularity with city shoppers.

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Sports Direct buys iconic Glasgow Frasers building

SPD

Sports Direct plans to buy the House of Fraser building in Glasgow in a £95m deal. This was an anchor store where the House of Fraser story began, and the previous management (all sacked last week) said the Glasgow outlet was the most profitable in the group. So was it at risk? What this deal seems to reflect is the process Mike Ashley has under way, of muscling his way through the list of commercial landlords, demanding better lease terms. Or else...? Without House of Fraser, many of them would struggle to find a better use. As a warning to other commercial property and pension fund landlords, Sports Direct announced last month it has failed to reach a deal on stores in Hull, Swindon and Edinburgh. The Princes Street 'Frasers' store in the Scottish capital is soon to close, and is well placed to become another city centre hotel, while Jenners - also a House of Fraser store and also on Princes Street - remains open. As Sports Direct announced the purchase of the Glasgow building, it was revealing that a tenancy deal has been done to retain the Birmingham department store.

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Sports Direct buys Glasgow's Frasers Building for £95m

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Sports Direct has said it will continue to operate the iconic Glasgow site as Frasers. Sports Direct, the sportswear group controlled by retail tycoon Mike Ashley, has agreed to buy the freehold of the Frasers department store in Glasgow for £95m. The Glasgow building is the site of the first store opened by Hugh Fraser and James Arthur, the original founders of the House of Fraser business in 1849. "Sports Direct intends to continue to operate the property as Frasers and will invest in the property to further elevate and enhance this iconic department store," it said, adding that the deal has saved 800 in-store jobs.

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Sports Direct buys Glasgow department store Frasers for 95 mln stg

SPD

Sports Direct buys Glasgow department store Frasers for 95 mln stg. LONDON, Oct (Shenzhen: 000069.SZ - news) 12 (Reuters) - Sports Direct, the British sportswear group controlled by retail tycoon Mike Ashley, has agreed to buy the Frasers department store in Glasgow for 95 million pounds ($125.7 million), it said on Friday. The firm, which bought department store chain House of Fraser out of administration for 90 million pounds in August, said it would continue to operate the property as Frasers. ($1 = 0.7560 pounds) (Reporting by James Davey, Edited by Paul Sandle). What to read next.

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Wednesday, October 10


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Rangers bosses wait on ruling over Sports Direct dispute

SPD

Less than three months ago a High Court judge said both sides should ‘try to make peace’. Bosses at Rangers Football Club are waiting for a High Court judge’s ruling after becomingembroiled in a fresh merchandise deal row with Sports Direct and Newcastle United owner Mike Ashley. In late July, Mr Justice Phillips was told, at a High Court hearing in London, that a dispute over the terms of a deal had settled. But lawyers representing the two sides were back at the High Court in London on Wednesday, arguing in front of a different judge, after Mr Ashley complained of a recent breach of contract by bosses at Rangers. He had been told that bosses at Rangers wanted to sign a new deal with someone else, but SDI Retail Services executives objected and said they should have a chance to match any new offer.

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Think Marks and Spencer and Sports Direct shares are bargains? Read this now

SPD MKS

This time three years ago, the shares were changing hands for just under 500p, however, fast forward to today and the MKS share price is 299p, representing a fall of around 40%. With analysts forecasting earnings per share of 26.2p, and dividends per share of 18.7p for the year ending 31 March, The forward-looking P/E is just 11.4, and the prospective yield is 6.3%. However, if you’re thinking of buying the shares, there’s something you really need to know. A 10.5% short interest means a number of hedge funds and other sophisticated investors are betting on the company failing, and the share price falling. For this reason, I think it’s worth being very cautious in relation to the stock because we have seen what can happen to highly-shorted shares in the recent past. To my mind, the big problem with the company is its ailing clothing division, which seems to just consistently underperform. For example, clothing sales in August fell 1.9%, which suggests the group’s strategy is off the mark when you consider that online retailers such as Boohoo are thriving. As such, I don’t see much appeal in MKS shares right now.

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Rangers and Sports Direct back at High Court over merchandise deal

SPD

In a High Court hearing in London in late July, Mr Justice Phillips was told a dispute over the terms of the deal had been settled. But lawyers representing the two sides were back at the court on Wednesday after Mr Ashley complained of a breach of contract by Rangers. He had been told bosses at Rangers wanted to sign a new deal with a third party, but SDI Retail Services executives objected and said they should have a chance to match any new offer. The judge was told more than £500,000 had been spent on lawyers, with SDI running up legal costs of £350,000 and Rangers £185,000. Mr Justice Phillips said Rangers’ bosses should pick up the vast majority of SDI’s legal bills as well as paying their own fees, adding SDI was “entitled to the costs”.

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Wednesday, October 03


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Sports Direct and JD Sports join the race for Evans Cycles

SPD HFD

According to Sky News, both Sports Direct and JD Sports tabled offers for Evans last week, putting themselves up against Halfords and a number of financial investors. Evans Cycles is currently looking to sell its business for over £10 million in order to secure a rescue deal and see it through the next few months of trading. A takeover of Evans will likely be at a cut-rate price as owner ECI Partners is also looking for a buyer that can meet Evans’ ongoing funding needs. It’s understood that JD Sports has a genuine interest in acquiring Evans, while it’s unclear whether Sports Direct will be pursuing an Evans’ offer further than its initial indicative bid.

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Tuesday, October 02


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Sports Direct sacks House of Fraser directors and senior management

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Further details of his strategy for House of Fraser have been slow to emerge. The store chain has, together with rivals Debenhams (Frankfurt: D2T.F - news) and John Lewis, been struggling amid a tough retail environment. Announcing the sackings, Sports Direct said: "Following the collapse of House of Fraser on August 10 2018, and subsequent calls for an investigation into the circumstances of that collapse, the company today announces that we have dismissed the former directors and senior management of House of Fraser." "The new management team will need to prioritise right-sizing initiatives and utilise any excess space to sweat assets more effectively in a move become fit-for-purpose in today's digital age."

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