HIGH Street giant House of Fraser, which owns Jenners, has sold a majority stake in its business to Chinese conglomerate Sanpower in a £480 million deal.
The acquisition, which represents China’s largest foreign retail investment, gives Sanpower an 89 per cent share in the company.
House of Fraser bought Jenners in Princes Street in 2005.
The announcement follows reports last week that Sports Direct tycoon and Newcastle United owner Mike Ashley had bought an 11 per cent stake in the business in a bid to scupper the deal.
But House of Fraser stressed that, should that share transfer go through, he would not have the right to a position on the company’s board.
The company, which went private in 2006, also said that it did not expect to see any day-to-day changes across its 60 stores.