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Gloucestershire Business News

Frasers looks at Arcadia brands as profits rise

Frasers Group has confirmed it is interested in buying brands from troubled retailer Arcadia after posting a rise in half-year profits of almost 30 per cent.

Frasers, which includes Sports Direct and Cavendish House in Cheltenham, is in talks to buy Debenhams after the department store entered a liquidation process last week.

And chief executive Chris Wootton confirmed the company, which is owned by Mike Ashley, was interested in parts of Arcadia - which operates concessions including Burton, Dorothy Perkins and Topshop in Debenhams stores - after it entered administration last week.

Mr Wootton told the BBC: "We do tend to look at almost everything on the high street.

"The process has only just started so there's a long way to go to ascertain what - if anything - we look at with that."

Sales at Fraser Group actually fell seven per cent for the six months to October 25 compared with the same period last year as it dealt with periods of shops being closed due to coronavirus restrictions.

But tax profits after tax tax rose by 29.1 per cent to £84.4million.

Non-executive chairman David Daly said: "Fortunately, the Frasers Group is a strong business built on solid foundations.

"We can weather most of the storms faced this calendar year, however much of the UK high street, which was already suffering before Covid-19, won't survive unless the Government addresses the out of date business rates regime which is due to return come April."

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