Jenners sold to House of Fraser

This Is Money2 November 2018

HOUSE of Fraser is to buy Jenners, the world's oldest independent department store, for £46.1m, it said today. House of Fraser is also taking on the Jenners pension scheme and will inject £3.4m into it when the deal is completed.

The purchase will give House of Fraser the Jenners brand, its flagship store in Edinburgh's Princes Street, and three other stores at Loch Lomond and Glasgow and Edinburgh Airports.

Jenners has 750 employees and the stores will continue to operate under the Jenners name, said House of Fraser.

The Edinburgh store at 48 Princes Street has been Jenners' flagship since 1838 and has more than 100 departments. It was created by Charles Jenner and Charles Kennington, selling silks, shawls, ribbons and laces under the name of Kennington & Jenner. The Jenners deal will increase House of Fraser's portfolio of stores to 52.

House of Fraser was founded in Glasgow in 1849 and has grown over the years through the acquisition of stores like Dickens & Jones, Rackhams, and Army & Navy.

The Fraser board said the deal would strengthen its position as the UK's leading retailer of designer brands, complement House of Fraser's existing Scottish stores in Glasgow and Edinburgh, and provide an opportunity to realise additional benefits from an already-profitable retail business.

John Coleman, chief executive of House of Fraser, said: 'House of Fraser has a strong Scottish heritage and recognises the landmark position of Jenners and the iconic status that the name has in Scotland.

'The Princes Street store will be a valuable addition to House of Fraser's existing store portfolio, alongside our existing store in Edinburgh at the opposite end of Princes Street. This transaction represents an exciting opportunity for Jenners' employees in the enlarged group.'

Jenners managing director Robbie Douglas-Miller said: 'The directors of Jenners believe the benefits of this deal are significant to all parties. The famous name of Jenners goes forward, there are exciting opportunities for the staff of Jenners, and Edinburgh continues to have a premier department store operating on Princes Street.'

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