High street shake-up for House of Fraser

The new owner of UK department store House of Fraser today promised a shake-up for Britain’s “boring” high street after buying the chain for £351m (€522.3m) this week.

Jon Asgeir Johannesson, who is chief executive of Icelandic investment firm Baugur, wants to inject new brands as part of multi-million pound plans to boost the fortunes of the department store chain.