Negotiations at an 'advanced' stage
Icelandic investor Baugur has disclosed that its takeover negotiations with department store group House of Fraser are at an 'advanced' stage.

A 148p-a-share offer, valuing the retailer at£350 million, has been widely expected for some weeks.

The Baugur-led consortium includes former Shoe Studio boss Don McCarthy, FL Group, Sir Tom Hunter's West Coast Capital vehicle, Kevin Stanford, the Bank of Scotland and Stefan Cassar.

However, Baugur warned that 'there can be no certainty that an offer will be forthcoming'.

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