Mike Ashley has bought House of Fraser in a £90million deal

Mike Ashley
Mike Ashley has bought House of Fraser in a £90million deal (Image: GETTY)
House of Fraser avoided disappearing from the high street yesterday after going into administration and being bought in a £90million deal by Sports Direct’s owner Mike Ashley.

Mr Ashley said he wants to transform the department store group into the “Harrods of the high street”.

Chancellor Philip Hammond yesterday suggested there could be tax changes to level the playing field between high street and online retailers.

READ MORE: Marks and Spencer hints at further closures over online move

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The Chancellor is being criticised after suggesting Parliament will vote on an EU withdrawal deal before it is fully negotiated.

He said: ”We want to make sure that the high street remains resilient and that we also make sure that taxation is fair between businesses doing business the traditional way and those doing business online.”

Mr Hammond said a change in the system “requires us to renegotiate international tax treaties because many of the big online businesses are international companies”.

He added: “The European Union has been talking about a tax on online platform businesses based on the value generated. That’s certainly something we’d be prepared to consider.”

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