House of Fraser bought by Mike Ashley’s Sports Direct for £90m

Ashley says he will turn chain into ‘Harrods of the high street’ and pledges to keep as many stores open as possible

Sports Direct, the sportswear chain controlled by Mike Ashley, has swooped on House of Fraser in a £90m rescue deal that secures 17,000 jobs for the time being.

In a statement to the Stock Exchange, Sports Direct confirmed it had bought the retailer for £90m in cash, shortly after it fell into administration on Friday morning. Ashley said he intended to turn the chain into “the Harrods of the high street” and pledged to keep as many stores open as possible.

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