Department store group to take on assets and pension scheme of landmark Scottish rival
House of Fraser has confirmed it is to acquire landmark Edinburgh retailer Jenners in a£46.1 million deal.

The department store group (pictured), which revealed its interest in acquiring the Scottish company last week, will buy Jenners' retail business and assets, as well as assuming its pension scheme. On completion of the deal next month, House of Fraser will contribute£3.4 million to the scheme. Stores will continue trading under the Jenners name, including outlets at Edinburgh and Glasgow airports and Loch Lomond Shores.

Jenners is the world's oldest independent department store, having traded from the same site on Edinburgh's prime retail street since 1838. In the year to January 30, the retailer generated an unaudited gross transaction value of£49.1 million, and an unaudited pre-tax profit of£2.7 million. According to House of Fraser, trading at the four Jenners stores was up 2.3 per cent on the previous year.

The company said Jenners' net assets being acquired were worth about£17.5 million. The House of Fraser board will also 'consider various options' to refinance the Princes Street store on or prior to completion of the deal.

House of Fraser operates 48 stores across the UK, including one at the opposite end of Princes Street in Edinburgh.