CVAs have become increasingly common in the UK’s retail industry. As my work is not yet complete, I am seeking the consent of the secured and preferential creditors, An Update for Members regarding Covid-19 – Issued April 2020. October 2018 | DEALFRONT | BANKRUPTCY & CORPORATE RESTRUCTURING. You may withdraw your consent to cookies at any time once you have entered the website through a link in the privacy policy, which you can find at the bottom of each page on the website. House of Fraser has given up on talks to save the business and called in administrators - putting hundreds of jobs at risk. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. The House of Fraser, Beatties & Jenners Pension Scheme was formed in 2013 by merging the House of Fraser Pension Plan, the James Beattie plc Pension Scheme and the Jenners Princes Street Edinburgh Limited Pension and Life Assurance Scheme 1974.. © 2020 EYGM Limited. Sports Direct International has acquired British department store House of Fraser for £90m. Under the company’s previous owner – Nanjing Cenbest – plans were in place to close 31 of House of Fraser’s stores via a company voluntary arrangement (CVA). Future Consumer Index: four ways to make the most of consumers’ post-lockdown spending. Review our cookie policy for more information. Shop the latest collections now. House of Fraser’s pension fund will now be assessed by the Pension Protection Fund (PPF). It was established in Glasgow, Scotland in 1849 as Arthur and Fraser. Sports Direct has bought struggling department store chain House of Fraser, after the firm went into administration. It follows the likes of Toys R Us, Maplins and Poundworld in collapsing into administration over the course of recent months. In addition to cookies that are strictly necessary to operate this website, we use the following types of cookies to improve your experience and our services: Functional cookies to enhance your experience (e.g. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. August 10, 2018. The appointment was made by the Court in Scotland to House of Fraser Limited and House of Fraser (Stores) Limited and the Court in England to James Beattie Limited under the provisions of paragraph 12 of Schedule B1 to the Insolvency Act 1986. In January 2019, House of Fraser … House of Fraser went into administration owing XPO Logistics £30m. House of Fraser’s two defined-benefit schemes have about 5,000 members between them, and in the year to March had an accounting surplus of £96m. House of Fraser: The department store chain is expected to close about 12 stores after being bought out of administration by Mike Ashley. The billionaire owner of Sports Direct, Mike Ashley, bought the House of Fraser chain in August 2018, hours after the group went into administration. An animal charity says House of Fraser is "painfully out of touch", after it started selling fur products. House of Fraser is appointing administrators following an inability to secure the investment it was seeking. Customer FAQs Letter to customers Gift Card FAQs. Administrator EY has confirmed that the business will continue to … House of Fraser in administration Read More » The company had around £400m of debt, and according to the agreement secured lenders will be able to recoup around 22p in the pound. Before House of Fraser went into administration last year - it was planning to shut 31 of its 59 stores. HF Stores Realisations Limited (formerly House of Fraser (Stores) Limited) (in Administration) (‘the Company’) As you may be aware, the administration of the above company is due to end on 10 August 2019. HFL Realisations Limited (formerly known as House of Fraser Limited) HF Stores Realisations Limited (formerly known as House of Fraser (Stores) Limited) (Both in Administration) Jam B Realisations Limited (formerly known as James Beattie Limited) (in Creditors’ Voluntary Liquidation, “CVL”) (together, “the Companies”). House of Fraser is a British department store group with 47 outlets across the United Kingdom. The CEO Imperative: How can today’s leaders realize tomorrow’s opportunities? The House of Fraser pre-pack sale to Sports Direct, the British retail group headed by Mike Ashley, was announced almost immediately after House of Fraser entered into administration, and included a transfer of its UK stores, the brand and all of its stock and employees. remember settings), Performance cookies to measure the website's performance and improve your experience, Advertising/Targeting cookies, which are set by third parties with whom we execute advertising campaigns and allow us to provide you with advertisements relevant to you, Social media cookies, which allow you to share the content on this website on social media like Facebook and Twitter. House of Fraser is continuing to trade under new ownership and queries in relation to ongoing trade should be directed to your usual contact within the House of Fraser business. Further information and documents regarding the Administrations will be uploaded to this website in due course. However, any deal is still likely to fall short of previously promised benefits. The move follows House of Fraser's announcement it had appointed EY as administrators, after the embattled high street retailer announced that its recent discussions with interested investors and its main secured creditors have not concluded in a solvent solution, placing some 17,000 jobs at risk. House of Fraser bought by Mike Ashley for £90 million after department store went into administration It is rumoured that some House of Fraser outlets will be turned into Sports Direct stores. “A race against time,” was how Alan Hudson, one of House of Fraser’s joint administrators, described the efforts to find a buyer for the business. “We will do our best to keep as many stores open as possible,” said Mike Ashley founder and chief executive of Sports Direct. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. House of Fraser - Fashion, Beauty, Gifts, Home, Electricals & More HOUSE of Fraser has been rescued from administration after Sports Direct tycoon Mike Ashley sealed a £90 million deal for the business, raising hopes thousands of jobs will be saved. This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. For House of Fraser, Mike Ashley (via his SportsDirect group) arrived as a 'white knight', using an administration pre-pack to purchase its business and assets and declaring his intention to make House of Fraser the 'Harrods of the High Street'. House of Fraser has cancelled all online orders and is refunding customers in the face of an impasse in its payments dispute with XPO Logistics, which was owed £30m when the HoF business went into administration on 10th August. Please refer to your advisors for specific advice. Having first been founded 169 years ago, House of Fraser becomes one of the oldest and largest high street retail operations ever to fall into administration in the UK. All Rights Reserved. EY is a global leader in assurance, consulting, strategy and transactions, and tax services. House of Fraser Limited House of Fraser (Stores) Limited (both in Administration) (together ‘the Companies’) On 10 August 2018 the Companies entered Administration with A M Hudson, C A Lewis, C P Dempster and I appointed to act as Joint Administrators. Queries specifically relating to the Administrations should be emailed to hofadministrations@uk.ey.com. The closures would have resulted in around 6000 job losses. On 10 August 2018, the Companies entered Administration and A M Hudson, R H Kelly, C P Dempster and C A Lewis were appointed as Joint Administrators. Ailing department store House of Fraser went into administration on Friday – but it was not to suffer the same fate as fallen High Street counterparts Toys R Us, Maplin or Poundworld. “A race against time,” was how Alan Hudson, one of House of Fraser’s joint administrators, described the efforts to find a buyer for the business. 10/04/2020 – House of Fraser Pensions in the UK. As the fund is in surplus by about £20m as measured by the PPF, it is possible the scheme could be taken over by an insurance firm. This will benefit both House of Fraser and Flannels in the luxury sector,” he added. Despite the administration, all 59 shops are set to open today, including the 31 earmarked to close as part of the earlier company voluntary arrangement (CVA) deal. related to Finance, Retail, House of Fraser, We may have to look at temporary tax measures to rebalance the playing field until we can get international agreements sorted out.”. XPO and thousands of other House of Fraser suppliers are believed to be owed around £60m. It had agreed a … House of Fraser’s debt and pension obligations were not included in the sale, however. House of Fraser will appoint Ernst & Young as administrators, putting over 17,500 jobs at risk, after talks aimed at salvaging the struggling department store group ended without agreement. Shoppers didn’t desert the Dundrum outlet of House of Fraser when it fell into administration last year, with new documents showing that … The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. Huge collection, amazing choice, 100+ million high quality, affordable RF and RM images. Chancellor Philip Hammond said: “We want to ensure that the high street remains resilient, and we also make sure that taxation is fair between businesses doing business the traditional way, and those doing business online. By 1891, it was known as Fraser & Sons. House of Fraser said administrator EY confirmed the business would continue trading while it attempted to complete a sale. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. So far, things have not gone to plan. The deal was announced hours after the company fell into administration following failed negotiations with its creditors. Statement of Claim – HF Stores Realisations Limited (formerly known as House of Fraser (Stores) Limited) The affairs, business and property of the Companies are being managed by the Joint Administrators, A M Hudson, R H Kelly, C P Dempster and C A Lewis, who act as agents of the Companies only and without personal liability. Discover men’s, women’s and kids’ luxury clothing, shoes and accessories from the most coveted designer brands at House of Fraser. House of Fraser’s 59 existing stores will pass into Sports Direct’s control as will the company’s workforce of around 16,000, the vast majority of which are retail workers. Shortly following their appointment, the Administrators completed a sale of substantially all of the Companies’ business and assets to the Sports Direct group. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. “My ambition is to transform House of Fraser into Harrods of the High Street. HFL Realisations Limited (formerly known as House of Fraser Limited) and HF Stores Realisations Limited (formerly known as House of Fraser (Stores) Limited), Jam B Realisations Limited (formerly known as James Beattie Limited), HFL Realisations Limited - Progress report for the six month period 10 August 2020 to 9 February 2021, HF Stores Realisations Limited - Progress report for the six month period 10 August 2020 to 9 February 2021, HFL Realisations Limited - Progress report for the six month period 10 February 2020 to 9 August 2020, HF Stores Realisations Limited - Progress report for the six month period 10 February 2020 to 9 August 2020, HFL Realisations Limited - form to support the extension of the administration by 12 months to 10 August 2021, HF Stores Realisations Limited - form to support the extension of the administration by 12 months to 10 August 2021, HFL Realisations Limited - Progress report for the six month period 10 August 2019 to 9 February 2020, HF Stores Realisations Limited - Progress report for the six month period 10 August 2019 to 9 February 2020, HFL Realisations Limited – Progress report for the six month period 10 February 2019 to 9 August 2019, HF Stores Realisations Limited – Progress report for the six month period 10 February 2019 to 9 August 2019, HF Stores Realisations Limited – voting form to extend the administration by 12 months, HFL Realisations Limited – voting form to extend the administration by 12 months, HFL Realisations Limited – Progress report for the six month period 10 August 2018 to 9 February 2019, HF Stores Realisations Limited – Progress report for the six month period 10 August 2018 to 9 February 2019, HF Stores Realisations Limited – Notice of approval of revised Proposal – 18 January 2019, Joint Administrators’ Statement of Revised Proposals – HF Stores Realisations Limited – 24 December 2018, HF Stores Realisations Limited – Notice of deemed approval of Proposal – 30 August 2018, HFL Realisations Limited – Notice of deemed approval of Proposal – 30 August 2018, Letter to all known creditors (including details of the sale of business and assets) – 17 August 2018, Joint Administrators’ Statement of Proposals – 17 August 2018, Jam B Realisations Limited - Progress report for the six month period 10 February 2020 to 29 July 2020, Jam B Realisations Limited – Notice to creditors of decision procedure regarding Remuneration, Joint Administrators' Statement of Proposals (Amended) - 31 March 2020, Jam B Realisations Limited – Progress report for the six month period 10 August 2019 to 9 February 2020, Jam B Realisations Limited – Progress report for the six month period 10 February 2019 to 9 August 2019, Jam B Realisations Limited – voting form to extend the administration by 12 months, Jam B Realisations Limited – Progress report for the six month period 10 August 2018 to 9 February 2019, Jam B Realisations Limited – Notice of approval of Proposals, Joint Administrators’ Statement of Proposals (Amended) – 30 August 2018, Proof of debt for dividend purposes – Jam B Realisations Limited (formerly known as James Beattie Limited), Statement of Claim – HFL Realisations Limited (formerly known as House of Fraser Limited), Statement of Claim – HF Stores Realisations Limited (formerly known as House of Fraser (Stores) Limited).
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