One of China's richest businesspeople in £450m House of Fraser bid

One of China’s richest businesspeople is in talks to buy department store House of Fraser for £450m.

House of Fraser had said it was considering floating on the London stock market, however, multimillionaire and former Chinese government official Yuan Yafei’s company Sanpower has offered to buy the retailer.

According to the Sunday Times, which first revealed the surprise bid, said Don McCarthy, House of Fraser’s chairman who controls a fifth of the company’s shares, is in favour of the Chinese offer.

However, sources say House of Fraser is pressing ahead with its IPO plans while in talks with Sanpower.

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