Latest news with #Frasers'
Scottish Sun
5 days ago
- Business
- Scottish Sun
‘Broken' department chain launches 20% off clearance sale as it announces permanent closure of shopping centre store
The Fraser group will be focusing on upmarket lifestyle hubs sAle away 'Broken' department chain launches 20% off clearance sale as it announces permanent closure of shopping centre store Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) AFTER nearly three decades of trading, a popular House of Fraser store is set to close. The department store in Victoria Centre, Nottingham, which first opened in 1997, will roll down the shutters in October this year. Sign up for Scottish Sun newsletter Sign up 1 House of Fraser has been struggling since 2022 Credit: Getty It's bittersweet news for shoppers, who have been treated to a 20 percent off sale inside the store. The once-thriving shopping hub was nearly shut in 2022 after Fraser Group chief exec Michael Murray described the brand as a "broken business". At the time, he said: 'House of Fraser was a broken business when we bought it. "We've completely changed the operating model. It was mostly concession, the stores were way too big, they were under‑invested. "Our future vision is that House of Fraser will diminish and Frasers will grow.' Once boasting more than 60 stores across the UK, the department store has steadily shuttered locations since its 2018 acquisition by Mike Ashley's Frasers Group. Between 2022 and 2025 alone, over a dozen sites—including flagship locations like Oxford Street and regional mainstays in Cardiff, Cheltenham, and Nottingham—have closed their doors. The closures reflect a deeper failure to adapt to a rapidly evolving retail landscape. Many of its stores were oversized and heavily reliant on concessions—third-party brands renting space—which offered little control over stock or customer experience. Frasers Group is now repositioning itself around a new retail vision, investing in smaller-format 'Frasers' stores and upmarket lifestyle hubs, with sport and luxury offerings as its focus. The Sun has approached House of Fraser representatives for comment. House of Fraser is just one brand struggling against recent economic pressures and changes in consumer habits. A combination of rising inflation, energy costs, and interest rates has squeezed both household spending and business margins, creating a perfect storm for retail operators. For many consumers, essentials have taken priority over discretionary purchases, leading to a noticeable decline in footfall and in-store spending. Even major players with established reputations have found themselves forced to close stores, reduce staff, or pivot entirely toward e-commerce. This comes as Poundland bosses implemented a series of closures this year after the business was hit by spiraling operating costs and weakening footfall. In Cornwall, one Poundland was evicted from one of its locations - leaving staff locked out of work overnight. The budget chain was kicked out of its store on Fore Street in St Austell, CornwallLive reported. A bizarre notice was also posted in the window of the popular store. It read: "We as authorised agents acting on behalf of the above-named landlord have today re-entered these premises and any lease or licence is hereby determined. "Any attempt to enter these premises without the written authority of the above-named landlord will result in criminal/civil proceedings being taken." A Poundland spokesperson confirmed that the locks were changed overnight without notice.
Business Times
01-07-2025
- Business
- Business Times
Frasers Property, Sekisui House launch The Robertson Opus with prices from S$3,150 psf
[SINGAPORE] Property developers Frasers Property and Sekisui House opened The Robertson Opus along Unity Street for a private preview on Wednesday (Jul 2), with public previews beginning this weekend. Prices will start from S$3,150 per square foot (psf). Located at Robertson Quay in District 9, the 999-year mixed-use development comprises 348 homes across five blocks of up to 10 floors. One block consists of just studios and one-bedroom units – primarily for investors looking to rent and others who wish to rightsize their homes, said Kevin Siew, managing director for development management at Frasers Property Singapore, during a media tour on Monday. The other four blocks will see a mix of two, three and four-bedroom units. Prices will start at S$1.37 million for a studio of 431 square feet (sq ft), and S$1.58 million for a one-bedder of 495 sq ft. Two-bedders, sized 689 to 743 sq ft, are priced from S$2.17 million, and three-bedders, sized 926 to 1,152 sq ft, from S$3.1 million. Four-bedders span 1,539 sq ft, with prices starting at S$5.09 million. The project also includes a retail podium with around 26 commercial units on the first floor and basement. It will retain its name Robertson Walk. In total, the entire development spans a land area of 9,102.7 square metres (sq m), with a maximum gross floor area of 30,663.6 sq m and a plot ratio of 3.37. It is a redevelopment of Frasers' serviced residence Fraser Place Robertson Walk and its adjoining commercial area, Robertson Walk – undertaken by Frasers Property and Japanese developer Sekisui House in a 51:49 joint venture. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Siew noted that some tenants that were previously at Robertson Walk have moved to new locations. But, since Frasers' redevelopment will take three to four years, which is the length of most tenancy contracts, it would be 'perfect timing' for the developer to woo back the former tenants, he said. Marketing for the new Robertson Walk will begin in only another two years, given the project's expected completion in 2029. 'We (also) have a very big retail portfolio with around 2,000 leases… as the largest suburban owner-operator of shopping malls (in Singapore),' he added. 'I think that competitive advantage allows us to reach out to a much wider pool of tenants.' First in some time The Robertson Opus will be the first private home launch in the Robertson Quay area since 2019, when Frasers Property's Riviere was marketed. Prices for the 99-year leasehold condominium along Jiak Kim Street started at S$2,580 psf then. Since then, new units have sold at a median price of S$2,822 psf, while sub-sales and resales recorded a median price of S$2,869 psf. The Robertson Opus is also the first 999-year leasehold residential development launched in the neighbourhood in nearly 20 years, and is the only 'essentially freehold' launch this year, noted Siew. The last project with a 999-year tenure launched in its vicinity was the 186-unit The Wharf Residence in 2008. Caveats data showed that the median price of resale transactions in the project was S$2,361 psf in the year so far. Most recently, in late April, a 1,539 sq ft unit changed hands for S$3.68 million or S$2,388 psf. Four new 99-year leasehold projects will be coming up on state land sites tendered in the River Valley Green and Zion Road area. Two of these – Promenade Peak and River Green – are expected to be marketed in the current quarter, while a third, Zyon Grand, could be launched around October. Siew said freehold projects in the prime Core Central Region (CCR) are currently undervalued, with the price gap between the CCR and city fringe narrowing significantly in the past few years. According to statistics from ERA Research, the price difference between newly sold non-landed homes in the CCR and Rest of Central Region (RCR) was just S$59 psf in the first half of 2025. In comparison, the price gap was S$559 in 2024, S$458 psf in 2023, S$569 psf in 2022, and S$682 psf in 2021. Also, the price index of non-landed homes in the CCR has risen 17.9 per cent since 2019, versus the more than 50 per cent increase in both the RCR and Outside Central Region. Siew noted that it is therefore the 'right time' to launch The Robertson Opus, instead of holding it back any further or launching it any earlier. The property, being part of Frasers' land bank, also gives the developer the opportunity to time the market as such. 'We very much intend for (The Robertson Opus) to be the best-selling project in the CCR this year,' he added. Public previews for The Robertson Opus will begin on Jul 5, with sales booking commencing on Jul 19. The project is expected to receive its temporary occupation permit in the first half of 2029, and its expected vacant possession date on Jun 30, 2030.
Fashion United
19-06-2025
- Business
- Fashion United
Frasers Group drops out of Revolution Beauty race
Sports Direct owner Frasers Group has pulled out of the bidding race for Revolution Beauty. The retail giant said in a regulatory filing that it 'now confirms that it does not intend to make an offer' for the British cosmetics brand. Revolution Beauty launched its formal sales process last month after receiving a preliminary takeover offer for its entire issue and to be issued share capital from an unnamed party. Interested bidders could submit their interest by June 11, with it emerging that Frasers was among 'a number of parties' to have done so. Revolution Beauty noted Frasers' latest announcement in its own statement, adding that it 'continues to have constructive engagement with a number of other interest parties', yet there was 'no certainty that an offer will be made'. The company is also continuing to discuss options with its shareholders, including a potential equity raise. Frasers' initial pursuit was notable given that Revolution Beauty's largest shareholder is Debenhams Group, formerly Boohoo Group, a long-standing rival of Mike Ashley's conglomerate, which had attempted to takeover the fast fashion giant amid its restructuring last year. Debenhams, which owns a 27.09 percent stake in Revolution, had assigned its own board member, Iain McDonald, to oversee the beauty brand's sales process. The Boohoo parent company enacted a boardroom takeover of Revolution back in 2023 following an investigation into the brand's financial results, which revealed a nine million pound inflation of sales.
Business Times
09-05-2025
- Business
- Business Times
Frasers Property H1 profit rises 147.6% to S$142.2 million on one-off tax reversal
[SINGAPORE] Higher contributions from residential projects in Singapore, as well as a one-off reversal of tax provisions, pulled up Frasers Property 's first-half earnings – but the group said it will continue zeroing in on optimising capital efficiency. Speaking at an earnings briefing on Friday (May 9) morning, Frasers group chief executive Panote Sirivadhanabhakdi said: 'The most important priority now is building the right cash flow and maintaining the right costing… Our disciplined approach to optimise capital efficiency will allow us to continue to create, sustain and unlock value.' In the latest half-year ended Mar 31, 2025, the group posted a 147.6 per cent jump in profit to S$142.2 million, from S$57.4 million in the year-earlier period. This came as revenue rose 2.7 per cent to S$1.6 billion, from S$1.5 billion in the same period last year. Earnings per share rose to S$0.035, from S$0.009 in the previous corresponding period. No interim dividend was declared for the period, unchanged from the previous year. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up The surge in profit was largely due to a one-off reversal of tax expenses amounting to S$6.1 million, said Frasers. Excluding the reversal, which is subsequent to finalisation, the group's profit was down 13 per cent year on year. This was mainly from a 14 per cent increase in net interest expense to S$281.5 million. Revenue also rose from the absence of an impairment on a UK commercial property, as well as higher contributions from residential projects in Singapore, such as its 158-unit Sky Eden@Bedok condominium and 777-unit Toa Payoh project, The Orie. In the half-year, Frasers sold 692 homes in Singapore, with S$0.4 billion in unrecognised revenue from 849 contracts on hand. At the same time, Frasers said it maintains a 'robust non-residential development pipeline', focusing on industrial and logistics assets across developed and emerging markets. For instance, the group has 10 assets under development in Australia and Europe, with six to be completed in FY2025, another three in FY2026 and one in FY2027. In total, the 10 span 2.6 million square metres. Panote highlighted that revenue generated from Frasers' residential developments ensure earning and cash flow visibility, while its 'strong build-to-core pipeline' of non-residential assets support the resilience of its recurring income base. '(This) robust portfolio asset management will drive returns and sustainable value (for shareholders) over the long term,' said the chief executive. 'The important part is for us to build up the performance of the company, back to where it has to be. It's not just about a quality portfolio, it's about quality earnings.' As at Mar 31, 2025, Frasers' net asset value per share was down 2.9 per cent to S$2.38. Net interest cover fell to 2.1 times, while net gearing ratio inched up to 88.5 per cent. Meanwhile, fixed rate debt, including those that were hedged, fell to 70.3 per cent. Its average weighted debt maturity was 2.6 years, with a 4 per cent blended cost of debt. Frasers group chief financial officer Loo Choo Leong highlighted that even though almost all figures on the balance sheet were in the red, they were still 'within acceptable levels'. Net debt over property assets stood at 44 per cent. Since the group's balance sheet was currently made up of more investment property assets, including its real estate investment trusts, Loo said this was 'still a decent enough level' from a loan-to-value perspective. He added that it was also a 'timing issue', since some of Frasers' capital partnerships that are already in place had yet to go through. When asked about a potential privatisation – similar to some of its peers, and given that Frasers appeared undervalued – Panote said shareholder decisions were beyond him. But he emphasised that Frasers will remain vigilant and proactive in assessing the health of its business and financial position. This includes ensuring it has the right operating model, and an 'enterprise mindset' to sustain value creation. 'We are closely monitoring the evolving macroeconomic conditions, and we are confident that Frasers Property is well-placed to navigate across the challenging times,' he said. Shares of Frasers Property were trading down S$0.01 or 1.2 per cent to S$0.80 on Friday at 11 am.
Business Times
09-05-2025
- Business
- Business Times
Frasers Property H1 profit rises 147.6% to S$142.2 million on tax reversal; revenue up 2.7%
[SINGAPORE] Higher contributions from residential projects in Singapore, as well as a one-off reversal of tax provisions, pulled up Frasers Property 's first-half earnings – but the group said it will continue zeroing in on optimising capital efficiency. Speaking at an earnings briefing on Friday (May 9) morning, Frasers group chief executive Panote Sirivadhanabhakdi said: 'The most important priority now is building the right cash flow and maintaining the right costing… Our disciplined approach to optimise capital efficiency will allow us to continue to create, sustain and unlock value.' In the latest half-year ended Mar 31, 2025, the group posted a 147.6 per cent jump in profit to S$142.2 million, from S$57.4 million in the year-ago period. This came as revenue rose 2.7 per cent to S$1.6 billion, from S$1.5 billion in the same period last year. Earnings per share rose to S$0.035, from S$0.009 in the previous corresponding period. No interim dividend was declared for the period, unchanged from the previous year. The surge in profit was largely due to a one-off reversal of tax expenses amounting to S$6.1 million, said Frasers. Excluding the reversal, which is subsequent to finalisation, the group's profit was down 13 per cent year on year. This was mainly from a 14 per cent increase in net interest expense to S$281.5 million. Revenue also rose from the absence of an impairment on a UK commercial property, as well as higher contributions from residential projects in Singapore, such as its 158-unit Sky Eden@Bedok condominium and 777-unit Toa Payoh project, The Orie. In the half-year, Frasers sold 692 homes in Singapore, with S$0.4 billion in unrecognised revenue from 849 contracts on hand. At the same time, Frasers said it maintains a 'robust non-residential development pipeline', focusing on industrial and logistics assets across developed and emerging markets. For instance, the group has 10 assets under development in Australia and Europe, with six to be completed in FY2025, another three in FY2026 and one in FY2027. In total, the 10 span 2.6 million square metres. Panote highlighted that revenue generated from Frasers' residential developments ensure earning and cash flow visibility, while its 'strong build-to-core pipeline' of non-residential assets support the resilience of its recurring income base. '(This) robust portfolio asset management will drive returns and sustainable value (for shareholders over the long term,' said the chief executive. 'The important part is for us to build up the performance of the company, back to where it has to be. It's not just about a quality portfolio, it's about quality earnings.' As at Mar 31, 2025, Frasers' net asset value per share was down 2.9 per cent to S$2.38. Net interest cover fell to 2.1 times, while net gearing ratio inched up to 88.5 per cent. Meanwhile, fixed rate debt, including those that were hedged, fell to 70.3 per cent. Its average weighted debt maturity was 2.6 years, with a 4 per cent blended cost of debt. Frasers group chief financial officer Loo Choo Leong highlighted that even though almost all figures on the balance sheet were in the red, they were still 'within acceptable levels'. Net debt over property assets stood at 44 per cent. Since the group's balance sheet was currently made up of more investment property assets, including its real estate investment trusts, Loo said this was 'still a decent enough level' from a loan-to-value perspective. He added that it was also a 'timing issue', since some of Frasers' capital partnerships that are already in place had yet to go through. When asked about a potential privatisation – similar to some of its peers, and given that Frasers appeared undervalued – Panote said shareholder decisions were beyond him. But he emphasised that Frasers will remain vigilant and proactive in assessing the health of its business and financial position. This includes ensuring it has the right operating model, and an 'enterprise mindset' to sustain value creation. 'We are closely monitoring the evolving macroeconomic conditions, and we are confident that Frasers Property is well-placed to navigate across the challenging times,' he said. Shares of Frasers Property were trading down S$0.01 or 1.2 per cent to S$0.80 on Friday at 11 am.
