HoF bosses look to future after Hunter bid fails

House of Fraser chiefs have reaffirmed their faith in the department store group's strategy after emerging from the shadow of a potential takeover by tycoon Tom Hunter.

Last Friday, Hunter said he would not mount a formal bid after his 85p-a-share offer was rejected.

House of Fraser chief executive John Coleman said: 'The board remains convinced in our strategy of brand development, targeted investment in our existing store portfolio and store opening programme. We expect this will deliver enhanced shareholder value.'

Hunter said: 'We have sought the co-operation of House of Fraser's management to proceed, but they have refused to enter substantive negotiations at that price.'