// Frasers Group completes the sale of some retail parks for £205 million.
// The retail group said fascias will operate from leases within these properties where appropriate
Frasers Group has said it has completed the sale of some retail parks for £205 million.
The Sports Direct and House of Fraser owner said the disposal included a number of freehold and long leasehold retail parks held by its wholly owned subsidiaries to RI UK 1 Ltd.
“Frasers Group fascias will operate from leases within these properties where appropriate. Frasers Group in the ordinary course of business purchases and sells properties from time to time,” it said, adding it will use the proceeds for working capital.
Last month the business posted a “record-breaking year” as it recovered from Covid with pre-tax profits rocketing from £8.5 million to £366.1 million despite the “significant economic headwinds”.
The retail group believes the strong performance will continue and pre-tax profit will surge to between £450 million and £500 million next year.
Frasers Group chief excecutive Michael Murray, who took over from founder Mike Ashley in May, said: “I am really proud of the record performance we’ve announced today. It’s clear that our elevation strategy is working and we are building incredible momentum with new store openings, digital capabilities and deeper brand partnerships across all of our divisions.
“We’ve got the right strategy, team and determination to keep driving our business from strength to strength.”
Click here to sign up to Retail Gazette‘s free daily email newsletter
Source link >