House of Fraser confirms investment deadline

House of Fraser has confirmed it needs to find an investor to secure its future by 20 August with reports suggesting its lenders have been in intense discussions with three potential buyers for the business.

In a statement issued to the Luxembourg Stock Exchange this afternoon, the retailer said: "House of Fraser confirms that discussions continue with interested investors and its main secured creditors, which are focused on concluding as quickly as possible to enable receipt of an investment required by no later than 20 August 2018."

The retailer thanked its employees, suppliers and other stakeholders and said a further update would be issued "when appropriate".

Interested parties in the retailer include Sports Direct's Mike Ashley, Philip Day, owner of Edinburgh Woollen Mill and retail turnaround specialist Alteri Investors.

It is believed that Ashley's proposed deal would involve buying the business out of administration in a pre-pack deal whereas Day is proposing to avoid administration but extend the CVA, approved by shareholders in June.