August 1, 2018 / 3:26 PM / 2 months ago

UK's House of Fraser seeks new investment after C.banner cancels fundraising

LONDON, Aug 1 (Reuters) - British retailer House of Fraser said on Wednesday it was looking at other options to obtain investment after C.banner cancelled planned fundraising for its deal to become a majority shareholder in the department store.

C.banner, an international retailer, agreed in May to buy a 51 percent stake in House of Fraser, but earlier on Wednesday it cancelled a planned share placing that would have funded the deal and announced a profit warning.

“In light of C.banner’s announcement... House of Fraser is in discussions with alternative investors and is exploring options to obtain the required investment on the same timetable,” the retailer said in a statement.

Reporting by Alistair Smout; editing by Stephen Addison

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