Mike Ashley’s Frasers braces for £200m hit from ‘third wave’

Frasers is planning to reopen vast swathes of its estate from Monday, as non-essential retailers are allowed to welcome back customers.

The group, controlled by Mike Ashley, includes House of Fraser, Game Digital, Jack Wills, Evans Cycles (which remained open as an essential retailer) and Sports Direct.

Bosses have been critical of the extension by the Chancellor to the business rates holiday and the restrictions it places on how much can be saved for big chains like Frasers.

Mr Ashley’s firm has also been eyeing up potential takeover opportunities throughout the Covid-19 crisis, showing interest in the collapsed Debenhams and Peacocks brands, although administrators have found that Frasers’ offers have tended to be far too low to accept.