Baugur buys House of Fraser

Baugur and it‘s investors paid 77 billion kronur for all stocks in the British chain store House of Fraiser, the deal was finalized today. The offer which is 148 pence a share was accepted in the beginning of last month.

Also involved in the buy is Don McCarthy who will be Chairman of the Board, FL Group, Tom Hunter, owner of West Coast Capital, Kevin Stanford, the founder of Karen Millen, Halifax Bank of Scotland through investment company Uberior and finally Stefan Cassar, former finance manager of Rubicon Retail who will be the financial manager of the new group. John King has been hired CEO of House of Fraser and will begin work early 2007; he has been CEO of the British chain Matalan since 2003.

House of Fraser is a department store. They have 61 stores in Britain and 1 in Ireland. About 8000 people work at the company.