One of the losing bidders for House of Fraser has urged its new owner Mike Ashley to “do the right thing” and pay all its suppliers and concession holders in full because he clinched the deal so cheaply.
Philip Day, the retail billionaire behind Edinburgh Woollen Mill, spoke out 48 hours after the Sports Direct owner snapped up the stores and assets within hours of House of Fraser entering administration.
In his first public statement since losing the battle, Mr Day called on Mr Ashley to “honourably” ensure that suppliers and concessionaires — who are collectively owed at least £70 million — are not left out of pocket.
Yes, you’ve got that right. The losing bidder, the one who offered less money, is asking that the winning bidder, the one who offered more, should pay even more. Even more and more, than he himself, that losing bidder, was prepare to offer.