Mike Ashley’s Frasers swoops in with late rescue bid for Debenhams

Mike Ashley Poland Street 2

Frasers Group has made a last-minute rescue bid for ailing department store chain Debenhams, with owner Mike Ashley vowing to save as many jobs as possible.

In a note to the stock market this morning, Frasers Group confirmed it had entered into talks with the administrators of Debenhams and said it had “hopes that a rescue package can be put in place and jobs saved”.

However, Frasers noted that the collapse of Arcadia had complicated the process as it had been the biggest concession-holder in Debenhams stores. 

As a result, Frasers said the time to make a deal for Debenhams was limited and would not guarantee an agreement could be reached. 

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