House Of Fraser PLC
27 September 2000
HOUSE OF FRASER TO ACQUIRE BRISTOL STORE FROM BENTALLS PLC
House of Fraser PLC ('House of Fraser') today announced
that it has reached an agreement to acquire Bentalls'
Bristol store. The purchase of the leasehold interest in
the store will be undertaken by BL Fraser, House of
Fraser's property joint venture with The British Land
Company PLC, for £15.6 million in cash. This will be funded
by a non-recourse bank loan to BL Fraser amounting to £8.8
million, with the balance being provided equally by House
of Fraser and British Land. In addition, House of
Fraser will purchase certain merchandising fixtures for
£0.75 million in cash.
The store trades from 12,075 square meters (130,000 square
feet) and is situated in a prime location within the
Broadmead shopping area. The store was comprehensively
refurbished by Bentalls in 1998.
House of Fraser's chief executive, John Coleman,
said today: 'Following the closure of Dingles, our store in
the Clifton area of Bristol, in January of this year, we
have been very keen to find an alternative location in
this major retailing regional centre, which has
traditionally been very successful for House of Fraser.
This is both an early opportunity to return to the city
and to operate from an excellent retail location'.
The acquisition is subject to Bentalls' shareholders'
approval, with completion scheduled for 25 January 2001.
The store marks another step in House of Fraser's store
opening programme. The Group has further new stores
scheduled to open in High Wycombe, Maidstone, Norwich
and the City of London, while substantial redevelopments
of its Oxford Street and Guildford stores will be completed
House of Fraser PLC Square Mile Communications
John Coleman, Chief Executive David Simpson
David Adams, Finance Director
Tel: 020 7963 2427 Tel:020 7601 1060