According to figures filed at Companies House for the three months to January this year, the department store chain has cut is net debt to£266.1 million, down from£423 million at the time of the takeover.
Between November and January, the consortium – Highland Acquisitions – reduced debt by selling the company’s headquarters and conducting a sale and leaseback of a Glasgow department store.
As part of the takeover, Baugur put£180 million in equity and£423 million in debt. Turnover in the three months between the deal and January 27 stood at£246.7 million, with pre-tax profits of£7.9 million after an exceptional charge of£23.2 million.
House of Fraser chief executive John King is leading a major rejuvenation of the retailer, including the introduction of high-profile brands such as Thomas Pink, Gap and Body Shop.
The retailer will spend£50 million on branding and marketing and a£180 million three-year programme to overhaul its store portfolio and reposition the brand upmarket.
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