House of Fraser to go public

Tuesday, 12 November 2013

House of Fraser is hoping to go public next year. The 61 strong department store is expected to be valued in the region of 350 million pounds.

The company has a complex investor structure, which is complicating plans for its IPO, according to The Sunday Times. A float would trigger a change in the shareholder agreement that governs important issues around ownership and control of the company.

Don McCarthy, the chairman, owns 20 percent along with his family. A further 49 percent is controlled by representatives of failed Icelandic banks, which took Baugur's shares when it went bust. The Scottish entrepreneur Sir Tom Hunter and Kevin Stanford, another retailer, hold 11 percent and 10 percent respectively.

House of Fraser generated underlying earnings of 61.1 million pounds on sales of 1.2 billion pounds in its last financial year.

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