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Sandra Halliday Published
June 20, 2025
As House of Fraser prepares for its crucial vote on its CVA later this week, the company’s lenders have thrown it a lifeline with a conditional financing deal that is dependent on the CVA being voted through and on the £70 million cash injection from its future majority owner C.Banner.
Assuming that happens, the company will have a breathing space of more than a year due to a £125 million term loan and a £100 million revolving credit facility, the Press Association reported.
The loans would fall due in Q4 2025 and the retailer’s lenders, HSBC and Industrial and Commercial Bank of China, are clearly expecting the CVA plan to be approved. If it does get through on Friday, then it should have sufficient cash flow to push through a radical transformation plan that will include 31 store closures and the loss of 6,000 jobs.
But approval still isn't a foregone conclusion. Advisors to the company have reportedly been working on a plan for a full administration filing if HoF doesn't get the support it needs.
That would mean a sale of the business, which could also see Sports Direct owner Mike Ashley, who currently holds an 11% stake in the firm, making a bid.