Tom Hunter increases stake in House Of Fraser
Entrepreneur renews interest in department store chain
October 3 2003
Retail entrepreneur Tom Hunter has bought more than 10m shares in department store chain House of Fraser.
Hunter’s company TBH Investments now has a 10.94 per cent stake in HoF, suggesting that
Hunter has renewed his interest in acquiring the business. A takeover approach made in December last year was dropped by Hunter in January after he failed to win the support of the HoF board.
Hunter retained the stake in the business built up by TBH, and a HoF statement has confirmed that TBH increased its holding earlier this week. Under Takeover Panel rules, TBH has been free to launch a new bid since the end of June, six months after withdrawing the previous bid.
Rather than a full bid, Hunter may hope to play a part in what is seen as the inevitable consolidation of the UK department store sector. Rival Allders is said to have renewed overtures to HoF about a possible merger under new chief executive Terry Green.
Hunter founded the Sports Division retail chain and later sold it to JJB Sports, and is a sometime business associate of Arcadia and Bhs owner Philip Green. Last month, he bought the Birthdays greeting card chain in partnership with Gadget Shop owner Chris Gorman.
