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Sports Direct faces £605m tax bill and ‘terminal’ problems at House of Fraser

Sports Direct faces £605m tax bill and ‘terminal’ problems at House of Fraser

Business
By John-Paul Ford Rojas, business reporter Sports Direct says it is facing a €674m (£605m) tax demand from Belgian authorities - as boss Mike Ashley warned that problems at House of Fraser were "terminal".Mr Ashley also warned of more store closures at House of Fraser and expressed apparent regret for buying it, as Sports Direct published a much-delayed set of full-year financial results. The tycoon used the results statement to deliver a stark assessment of the problems his business is facing as well as venting at length about those he blames for them.He warned that the acquisition of House of Fraser had "led to significant uncertainty as to the future profitability of the group as a whole".Meanwhile, the group said its chief financial officer Jon Kem
Sports Direct shares slip as House of Fraser weighs on results

Sports Direct shares slip as House of Fraser weighs on results

Business
Shares in Mike Ashley's Sports Direct have dived more than 10% after the retailer said it had delayed the publication of its annual results.The company, whose shares trade on the FTSE 250, blamed problems integrating its purchase of House of Fraser (HoF) stores last summer and increased scrutiny of its accounts. It added that this could affect its financial forecasts. Image: House of Fraser was bought by Mr Ashley in August last year Sports Direct had been due to publish results for the year to 28 April on Thursday but said it now expected to release them between 26 July and 23 August.Its statement said: "The reasons for the delay are the complexities of the integration into the company of the House of Fraser business, and the current...
Sky Sports presenter Fraser Robertson dead at 47

Sky Sports presenter Fraser Robertson dead at 47

Entertainment
Robertson was just 47-years-old and famously covered The Republic of Ireland's international games.His former Sky colleague David Tanner confirmed the sad news saying: "I’m heartbroken that Fraser Robertson, my oldest pal in journalism, has died."We met at Napier Uni as kids and grew up together at STV & Sky."He’s always been there, always wearing that big grin." Related Articles Tanner added: "A fine journalist with an eye for a story, never happier than when offering help to teammates: generously sharing his time, vast knowledge and ideas."Fraz loved sport and  TV, working in both gave him structure in life, especially after his comeback from major illness."We’ve lost a lovely man. I can’t believe he’s gone and I’m so terribly sad for his f...
Ashley sacks entire House of Fraser management team

Ashley sacks entire House of Fraser management team

Business
Mike Ashley's firm has sacked the senior management at House of Fraser just weeks after it bought the department store chain.In a one-sentence announcement to the stock market, Sports Direct said it had "dismissed the former directors and senior management of House of Fraser".The move followed "calls for an investigation" into the retailer's collapse, the statement added.Sports Direct paid £90m for House of Fraser's 58 UK stores in August.Those departing the chain will include chief executive Alex Williamson. It is not clear who will replace the management team at House of Fraser, or how many people are affected by the decision.Richard Lim of Retail Economics, a consultancy, said the new owner had taken "drastic action following a series of woeful m...
Mulberry shares collapse on £3m House of Fraser hit

Mulberry shares collapse on £3m House of Fraser hit

Business
Shares in luxury handbag maker Mulberry plunged 30% after it said it was setting aside £3m to cover the cost of House of Fraser's troubles.The company also warned full-year profits could be "materially reduced" if current tough UK trading continued into the second half of the year. Mulberry operates 21 House of Fraser concessions, employing 88 people. It was owed about £2.4m when the department store collapsed and fell into administration.House of Fraser was then bought by Sports Direct, but its owner, Mike Ashley, has said he will not pay creditors for debts incurred before the takeover.Mr Ashley says he intends to turn it into the "Harrods of the High Street", but it is not clear how many of the stores he will keep on.'Challenging' tradingIM...