robm Posted October 8, 2019 Share Posted October 8, 2019 From Telegraph Mike Ashley paves way for swift exit from House of Fraser Mike Ashley regrets his decision to buy House of Fraser 7 October 2019 • 9:15am Almost all House of Fraser stores could shut after the crucial Christmas shopping season, as Mike Ashley's bad bet on the chain appears headed for a sorry end. Sports Direct, which paid administrators £90m for House of Fraser after it collapsed last year, took control of 64 sites including 59 stores, three office buildings and two warehouses. Seven sites are now empty and Sports Direct is either not paying rent or is about to end the leases for the vast majority of the remaining ones, fresh papers from administrators EY have showed. This allows for a quick exit. Mr Ashley has already said he plans to close several House of Fraser stores after December. The business is launching an upmarket spin-off from the old House of Fraser brand, called Frasers. It has plans to overhaul just five next year, with the first one expected to replace the outgoing Debenhams in the centre of Wolverhampton. In July, Mr Ashley admitted he regrets his decision to buy the chain and described the state of the business as "nothing short of terminal". "If we had the gift of hindsight we might have made a different decision in August 2018." Sports Direct is still scrambling to find an auditor after Grant Thornton, which had been advising the retailer for years, formally quit last month. If it fails to find one, its future as a listed company could be at risk. Link to post Share on other sites More sharing options...
Sho Time Posted October 8, 2019 Share Posted October 8, 2019 He'll only be regretting he spent Newcastle's money more wisely. Buying HoF never cost him a penny. Link to post Share on other sites More sharing options...
TBG Posted October 8, 2019 Share Posted October 8, 2019 Wonder if Adrian Durham will be pushing for Ashley to use the January transfer funds to save jobs instead. On the other hairy hands, Richard Keys might argue that the staff should use their own money to buy the company if they really love it as much as they say. Link to post Share on other sites More sharing options...
Away Day Gadgie Posted October 8, 2019 Share Posted October 8, 2019 Wonder if Adrian Durham will be pushing for Ashley to use the January transfer funds to save jobs instead. On the other hairy hands, Richard Keys might argue that the staff should use their own money to buy the company if they really love it as much as they say. Link to post Share on other sites More sharing options...
NG32 Posted October 8, 2019 Share Posted October 8, 2019 From Telegraph Mike Ashley paves way for swift exit from House of Fraser Mike Ashley regrets his decision to buy House of Fraser 7 October 2019 • 9:15am Almost all House of Fraser stores could shut after the crucial Christmas shopping season, as Mike Ashley's bad bet on the chain appears headed for a sorry end. Sports Direct, which paid administrators £90m for House of Fraser after it collapsed last year, took control of 64 sites including 59 stores, three office buildings and two warehouses. Seven sites are now empty and Sports Direct is either not paying rent or is about to end the leases for the vast majority of the remaining ones, fresh papers from administrators EY have showed. This allows for a quick exit. Mr Ashley has already said he plans to close several House of Fraser stores after December. The business is launching an upmarket spin-off from the old House of Fraser brand, called Frasers. It has plans to overhaul just five next year, with the first one expected to replace the outgoing Debenhams in the centre of Wolverhampton. In July, Mr Ashley admitted he regrets his decision to buy the chain and described the state of the business as "nothing short of terminal". "If we had the gift of hindsight we might have made a different decision in August 2018." Sports Direct is still scrambling to find an auditor after Grant Thornton, which had been advising the retailer for years, formally quit last month. If it fails to find one, its future as a listed company could be at risk. So much for saving those jobs. Out of the ashes he is creating an up market store called "Frasers" Link to post Share on other sites More sharing options...
Wilson Posted October 8, 2019 Share Posted October 8, 2019 Top business man. Link to post Share on other sites More sharing options...
Sho Time Posted October 8, 2019 Share Posted October 8, 2019 Honestly think his plan was to buy all of these failed high street stores in the blind hope that he gets a government grant to be able to run them for free as they don't want to lose it. Classic him just gambling on a 10000/1 shot with as much money as he (or rather NUFC) has. And then even after he wins the bookies tell him nar, we made a mistake, you're only getting a 3/1 at best instead. Absolute mug - excellent businessman of course though. Link to post Share on other sites More sharing options...
Guest covmag Posted October 8, 2019 Share Posted October 8, 2019 Unlucky Mick Link to post Share on other sites More sharing options...
NG32 Posted October 8, 2019 Share Posted October 8, 2019 Was he not just after all the stock from HoF rather then the guts of the business itself? Link to post Share on other sites More sharing options...
AyeDubbleYoo Posted October 8, 2019 Share Posted October 8, 2019 Imagine Ashley planning anything ‘upmarket’. Link to post Share on other sites More sharing options...
Guest reefatoon Posted October 8, 2019 Share Posted October 8, 2019 Was he not just after all the stock from HoF rather then the guts of the business itself? Aye. He wanted all their denim stock, so he could stitch them together for a new pair of extra swoopy boot cut jeans. Link to post Share on other sites More sharing options...
NG32 Posted October 8, 2019 Share Posted October 8, 2019 Was he not just after all the stock from HoF rather then the guts of the business itself? Aye. He wanted all their denim stock, so he could stitch them together for a new pair of extra swoopy boot cut jeans. Sewpa cut. Link to post Share on other sites More sharing options...
tgarve Posted October 8, 2019 Share Posted October 8, 2019 He clearly isn’t interested in keeping the stores open. It’s all about gaining stock, and taking profits in the short term while writing off all debt as the company goes bust Link to post Share on other sites More sharing options...
Paully Posted October 8, 2019 Share Posted October 8, 2019 https://www.chroniclelive.co.uk/sport/football/football-news/newcastle-united-takeover-peter-kenyon-17047744.amp Link to post Share on other sites More sharing options...
NG32 Posted October 8, 2019 Share Posted October 8, 2019 https://www.chroniclelive.co.uk/sport/football/football-news/newcastle-united-takeover-peter-kenyon-17047744.amp Not sure if I even want to click on that link. Link to post Share on other sites More sharing options...
LV Posted October 8, 2019 Share Posted October 8, 2019 It’s a puff piece trumpeting Kenyon’s merits and achievements in the past. Nice cheap bit of PR for Peter (and probably Mike) Link to post Share on other sites More sharing options...
Guest Howaythetoon Posted October 8, 2019 Share Posted October 8, 2019 Kenyon who is on Ashley’s pay roll? Link to post Share on other sites More sharing options...
Guest covmag Posted October 8, 2019 Share Posted October 8, 2019 Hello Mr Dell Link to post Share on other sites More sharing options...
Stifler Posted October 8, 2019 Share Posted October 8, 2019 Can’t wait for the rumours of the Dell guys taking over us to start. Link to post Share on other sites More sharing options...
Johneddy Posted October 8, 2019 Share Posted October 8, 2019 Kenyon certainly looks capable of launching our 'brand' and revolutionising the clubs marketing but he will need serious players behind him to begin the process of buying a strike force worthy of the name to propel us towards the top 6. I'm not knocking this bloke I just hope due diligence will not be too off putting when he begins to unpick the web spun by this lot in charge. It could include Rafa's home coming which would in itself be a magnificent moment.... don't be too quick to knock this bloke he knows the game and the potential. Link to post Share on other sites More sharing options...
Guest chopey Posted October 8, 2019 Share Posted October 8, 2019 Kenyon certainly looks capable of launching our 'brand' and revolutionising the clubs marketing but he will need serious players behind him to begin the process of buying a strike force worthy of the name to propel us towards the top 6. I'm not knocking this bloke I just hope due diligence will not be too off putting when he begins to unpick the web spun by this lot in charge. It could include Rafa's home coming which would in itself be a magnificent moment.... don't be too quick to knock this bloke he knows the game and the potential. Where has he been since Chelsea ? Link to post Share on other sites More sharing options...
ToonArmy1892 Posted October 8, 2019 Share Posted October 8, 2019 Can’t wait for the rumours of the Dell guys taking over us to start. Link to post Share on other sites More sharing options...
Minhosa Posted October 8, 2019 Share Posted October 8, 2019 Can’t wait for the rumours of the Dell guys taking over us to start. I did think the same. Any, tiny chance, that the fat lad has nipped in and done a deal with them? Particularly because they seem open to a partial shareholding which would suit him. Link to post Share on other sites More sharing options...
Si Posted October 8, 2019 Share Posted October 8, 2019 Dell ends. Link to post Share on other sites More sharing options...
Minhosa Posted October 8, 2019 Share Posted October 8, 2019 Dell ends. Maybe he's agreed to flog their Dell returns in the Harrods of the High Street in exchange for 84 years worth of SD Ad's in the ground? Link to post Share on other sites More sharing options...
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