// Frasers Group confirms it is eyeing Arcadia brands
// Frasers’ CFO Chris Wootton said the group tends to “look at almost everything on the high street”
// He said Frasers Group was still in discussions around potentially purchasing Debenhams
Frasers Group has reportedly confirmed it is considering purchasing Arcadia’s brands which include Topshop, Dorothy Perkins, and Burton among others.
Frasers’ chief financial officer Chris Wootton said the group tends to “look at almost everything on the high street”, BBC News reported.
Wootton said that despite Frasers Group’s interest in Sir Philip Green’s Arcadia brands, “the process has only just started so there’s a long way to go”.
He added that Frasers Group was still in discussions around potentially purchasing Debenhams, after it went into liquidation last week – affecting up to 12,000 jobs.
Ashley revived his interest in taking over Debenhams after JD Sports withdrew from acquisition talks last week following Arcadia Group’s administration.
Arcadia collapsed into administration last week, affecting over 13,000 jobs.
Frasers Group, which is owned by billionaire Mike Ashley, reported a 29.1 per cent rise in profit after tax to £84.4 million in the 26 weeks to October 25.
The FTSE 250 retail group formerly known as Sports Direct said lockdown closures across its non-essential stores results in a 7.4 per cent drop in group revenue to £1.9 billion, with its UK Sports Retail business falling 9.8 per cent to £1.1 billion.
Its premium lifestyle stores was the only segment to improve, rising 4.8 per cent, attributed to Frasers’ new Flannels stores and increased web sales.
Across the half year the company made underlying earnings before interest, tax, depreciation and amortisation (EBITDA) of £226.3 million, compared with £181.2 million a year earlier.
The latest results do not include the period when England entered a second national lockdown in November, but Wootton said sales had been strong since stores reopened.