House of Frazer bought by Mike Ashley. There’s good news for the iconic High Street chain, House of Frazer, as it’s reported that it has been saved from collapse by the owner of one of the leading UK sports retailers, Sports Direct.

Billionaire, Mike Ashley has agreed to buy House of Frazer for a cash price of £90 million. Accountancy firm, EY who were appointed as administrator for the troubled fashion retailer have revealed that the 169 year store has been saved from closure with Mike Ashley stepping in and agreeing to buy this iconic chain.

Ashley already owned a 11% stake in House of Frazer since 2014, and also owns a large chunk of shares in their nearest rivals, Debenhams and French Connection. Complete details of the buy-out of House of Frazer are still yet to be published and it is still not clear if the 17,500 people who work for the company and its concession operators will get to keep their jobs.