Telford's House of Fraser store saved from closure
The new owners of House of Fraser have agreed terms for the store to remain open in Telford it was announced today.
It's one of a number of deals agreed this week on House of Fraser stores, following on from the Oxford Street announcement and safeguards over 150 jobs.
Previously earmarked for closure under the terms of the CVA, the quick conclusion to this transaction reflects the close working relationship and shared ambition both parties have for House of Fraser and Telford Centre and demonstrates House of Fraser’s confidence in the new 80,000 sq. ft. fashion quarter redevelopment, due for completion in Spring 2019.
James Keany Head of National Agency at CBRE who acted on the negotiations said: “This is another example of what can be achieved when landlords work with us to ensure we deliver on the House of Fraser rescue plan.”
Michael Thomas, Senior Asset and Development Manager for developer Sovereign Centros said: “The new owners vision for House of Fraser provides a perfect platform for the launch of Telford Centre’s Fashion Quarter in Spring 2019 and we will be working closely with House of Fraser over the next 12 months to ensure that vision is delivered.”
The Telford Centre sits at the heart of one of the fastest growing catchments in the UK and is currently undergoing a £55m redevelopment and expansion programme which includes the fashion quarter redevelopment for brands including River Island, Zara, Primark, New Look and H&M as well as the Southwater leisure redevelopment attracting leisure brands including Cocina and TGI Friday’s.
