Mike Ashley’s Frasers Group confirms Debenhams rescue talks

Mike Ashley's Frasers Group has confirmed it is in talks about a last-ditch rescue of ailing department store chain Debenhams.

Frasers admitted that “time is short” to save the department store company, which is in the process of being wound up by administrators from FRP Advisory.

The collapsed retailer operates from 124 stores and employs 12,000 people.

Frasers, the owner of brands such as Sports Direct, Evans Cycles and Jack Wills, is still hopeful that a rescue package can be put in place and jobs saved.

However, it warned that “time is short”, with the position complicated by the chain's biggest concession holder, Sir Philip Green's Arcadia Group, going into administration last week.

Frasers said: “There is no certainty that any transaction will take place, particularly if discussions cannot be concluded swiftly.”

Debenhams has been a long time takeover target for Ashley, with the tycoon's business already in ownership of House of Fraser.