House of Fraser 'sold to Chinese'

Press Association
House of Fraser - Belfast
House of Fraser - Belfast

%VIRTUAL-SkimlinksPromo%Department store House of Fraser is being snapped up by a Chinese conglomerate after it agreed to a deal valuing the business at more than £450 million.

A source close to the transaction confirmed that Nanjing-based Sanpower had agreed terms on its purchase of an 89% stake in the 165-year-old retailer.