No need to register, buy now! 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. House of Fraser has given up on talks to save the business and called in administrators - putting hundreds of jobs at risk. 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. It follows the likes of Toys R Us, Maplins and Poundworld in collapsing into administration over the course of recent months. Customer FAQs Letter to customers Gift Card FAQs. In addition to House of Fraser, Poundworld, Carpetright, Mothercare, The Original Factory Shop, New Look, Select and Homebase all launched CVAs in 2018 as the retail market became increasingly challenging. 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”). 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. 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. EY is a global leader in assurance, consulting, strategy and transactions, and tax services. August 10, 2018. 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. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. 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. For more information about our organization, please visit ey.com. 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). 10/04/2020 – House of Fraser Pensions in the UK. House of Fraser has called in administrators after failing to reach a deal with creditors. 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. Shop the latest collections now. In January 2019, House of Fraser … 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'. 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. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. Given the state of the UK high street, there have been suggestions that the government may intervene and impose an ‘Amazon tax’ on online sales. House of Fraser is a British department store group with 47 outlets across the United Kingdom. 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 said administrator EY confirmed the business would continue trading while it attempted to complete a sale. On 28 August 2020, A M Hudson, R H Kelly, C P Dempster and C A Lewis were appointed Joint Liquidators of Jam B Realisations Limited following its conversion to CVL. 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. We may have to look at temporary tax measures to rebalance the playing field until we can get international agreements sorted out.”. Creditors in House of Fraser have approved another 12 months of administration for the UK department store retailer, just weeks after owner Sports Direct said it might have made a "different decision" regarding the acquisition of the chain last year had it had the gift of hindsight. An Update for Members regarding Covid-19 – Issued April 2020. 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. Following the sale, House of Fraser cancelled online orders and closed its website after the company’s warehouse operator, XPO Logistics, ‘paused’ processing orders amid a dispute over payment. House of Fraser - Fashion, Beauty, Gifts, Home, Electricals & More “We are pleased that we have been able to successfully conclude a sale of the business in short timescales which preserves as many of the jobs of House of Frasers employees as possible. Before House of Fraser went into administration last year - it was planning to shut 31 of its 59 stores. The closures would have resulted in around 6000 job losses. The CEO Imperative: How can today’s leaders realize tomorrow’s opportunities? Prior to Sports Direct’s acquisition of the company, Frank Slevin, chairman of House of Fraser, said: “This has been an extraordinarily challenging six months in which the business has delivered so many critical elements of the turnaround plan.”. 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. Administrator EY has confirmed that the business will continue to … House of Fraser in administration Read More » As my work is not yet complete, I am seeking the consent of the secured and preferential creditors, Further information and documents regarding the Administrations will be uploaded to this website in due course. October 2018 | DEALFRONT | BANKRUPTCY & CORPORATE RESTRUCTURING. It was established in Glasgow, Scotland in 1849 as Arthur and Fraser. However, any deal is still likely to fall short of previously promised benefits. House of Fraser’s pension fund will now be assessed by the Pension Protection Fund (PPF). EY | Assurance | Consulting | Strategy and Transactions | Tax. 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. 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. Huge collection, amazing choice, 100+ million high quality, affordable RF and RM images. 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. By 1891, it was known as Fraser & Sons. An animal charity says House of Fraser is "painfully out of touch", after it started selling fur products. Future Consumer Index: four ways to make the most of consumers’ post-lockdown spending. related to Finance, Retail, House of Fraser, The billionaire owner of Sports Direct, Mike Ashley, bought the House of Fraser chain in August 2018, hours after the group went into administration. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. Please refer to your advisors for specific advice. This will benefit both House of Fraser and Flannels in the luxury sector,” he added. The company had around £400m of debt, and according to the agreement secured lenders will be able to recoup around 22p in the pound. 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. CVAs have become increasingly common in the UK’s retail industry. Sports Direct has agreed to take all UK stores of House of Fraser, the House of Fraser brand and all of the stock in the business, the company noted in a statement announcing the deal. 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. 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. “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. © 2020 EYGM Limited. 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).