House of Fraser Limited House of Fraser (Stores) Limited ... · The affairs, business and property...

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TO ALL KNOWN CREDITORS AND MEMBERS 17 August 2018

Ref: R/CAL/SH/RK/HOF/PCF/11.1

Direct line: +44 (0)207 760 9217

Email: [email protected]

Dear Sirs

House of Fraser LimitedHouse of Fraser (Stores) Limited(both in Administration) (together ‘the Companies’)

On 10 August 2018 the Companies entered Administration with A M Hudson, C A Lewis, C P Dempsterand I appointed to act as Joint Administrators. The appointments were made by the Court under theprovisions of paragraph 12 of Schedule B1 to the Insolvency Act 1986.

I write further to my appointment as Joint Administrator of the above Companies and attach a copy of myStatement of Proposals in accordance with paragraph 49 of Schedule B1 to the Insolvency Act 1986.

As you will note from the proposals, there is no prospect of any funds becoming available to unsecuredcreditors of either of the Companies, other than by virtue of the Prescribed Part. As a consequence, I donot propose to summon a meeting of creditors for either of the Companies.

Rules 2.31, 2.32 and 7.6 of the Insolvency (Scotland) Rules 1986 provide for creditors to be able torequest a meeting if certain conditions are met. I attach a copy of the appropriate Rules, for yourinformation. You will note that any request for a meeting must be made within 8 business days of thedate on which the proposals were sent out, by creditors whose debts amount to at least 10% of totaldebts of the respective company. The Rules also provide that a meeting can only be held if the expensesof summoning and holding such a meeting are paid by the creditor or creditors making the request and ifsecurity is first deposited with me for payment. The meeting may subsequently resolve that the expensesof summoning and holding the meeting are paid out of the assets of the respective company as anexpense of the Administration.

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In respect of each of the Companies, in the event that a creditors’ meeting is not held, the proposals willbe deemed to be accepted. The Joint Administrators’ remuneration and Category 2 disbursements willbe agreed with the secured creditors and, if applicable, the preferential creditors, in accordance with theprovisions of Rule 2.39(9) of the Insolvency (Scotland) Rules 1986.

Should you have any queries relating to this letter or any other aspect of the Administrations, please donot hesitate to my colleague, Joanie Snyman, on the above details.

Yours faithfullyfor the Companies

R H KellyJoint Administrator

Enc: Rules 2.31, 2.32 and 7.6 of the Insolvency (Scotland) Rules 1986Joint Administrators’ Statement of Proposals

The affairs, business and property of the Companies are being managed by the Joint Administrators, A M Hudson, C P Dempster,C A Lewis and R H Kelly, who act as agents of the Companies only and without personal liability.

A M Hudson is licensed in the United Kingdom to act as an insolvency practitioner by The Association of Chartered CertifiedAccountants. C P Dempster and R H Kelly are licensed in the United Kingdom to act as an insolvency practitioner by the Instituteof Chartered Accountants of Scotland. C A Lewis is licensed in the United Kingdom to act as an insolvency practitioner by TheInstitute of Chartered Accountants in England and Wales.

The Joint Administrators may act as data controllers of personal data as defined by the General Data Protection Regulation2016/679, depending upon the specific processing activities undertaken. Ernst & Young LLP and/or the Companies may act as adata processor on the instructions of the Joint Administrators. Personal data will be kept secure and processed only for mattersrelating to the Joint Administrators’ appointment. The Office Holder Data Privacy Notice can be found atwww.ey.com/uk/officeholderprivacy.

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Rules 2.31, 2.32 and 7.6 of the Insolvency (Scotland) Rules 1986

2.31 Meeting requisitioned by creditors

The request for an initial creditors' meeting under paragraph 52(2) must be made within 12 days of thedate upon which the administrator sends out his statement of proposals.

2.32

(1) Rule 7.6(2)(a) does not apply if the requisitioning creditor's debt alone is sufficient to meet therequirement of paragraph 52(2)(a) or, as the case may be, paragraph 56(1)(a), without the concurrenceof other creditors.

(2) In its application to initial creditors' meetings in administration, for the period of 35 days referred toin Rule 7.6(3) there is substituted a period of 28 days.

7.6 Meetings requisitioned

(1) Subject to paragraph (8), this Rule applies to any request by a creditor or creditors:-

(a) to:

(i) an administrator under [paragraph 52(2) or 56(1)], or

(ii) a liquidator under section 171(3) or 172(3),

for a meeting of creditors; or

(b) to a liquidator under section 142(3) for separate meetings of creditors and contributories, orfor any other meeting under any other provision of the Act or the Rules.

(2) Any such request shall be accompanied by:

(a) a list of any creditors concurring with the request, showing the amounts of the respectiveclaims against the company of the creditor making the request and the concurring creditors;

(b) from each creditor concurring, written confirmation of his concurrence; and

(c) a statement of the purpose of the proposed meeting.

(3) If the administrator or, as the case may be, the liquidator considers the request to be properly madein accordance with the Act or the Rules, he shall summon a meeting of the creditors to be held on adate not more than 35 days from the date of his receipt of the request.

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(4) Expenses of summoning and holding a meeting under this Rule shall be paid by the creditor orcreditors making the request, who shall deposit with the administrator [or, as the case may be, theliquidator] caution for their payment.

(5) The sum to be deposited shall be such as the administrator or, as the case may be, the liquidatormay determine and he shall not act without the deposit having been made.

(6) The meeting may resolve that the expenses of summoning and holding it are to be payable out ofthe assets of the company as an expense of the administration or, as the case may be, theliquidation.

(7) To the extent that any caution deposited under this Rule is not required for the payment ofexpenses of summoning and holding the meeting, it shall be repaid to the person or persons whomade it.

(8) This Rule applies to requests by a contributory or contributories for a meeting of contributories, withthe modification that, for the reference in paragraph (2) to the creditors' respective claims, thereshall be substituted a reference to the contributories' respective values (being the amounts forwhich they may vote at any meeting).

(9) This Rule is without prejudice to the powers of the court under Rule 4.67(2) (voluntary winding upsucceeded by winding up by the court).

House of Fraser LimitedHouse of Fraser (Stores) Limited(both in Administration) (together,‘Companies’)Administrators’ statement of proposals

Pursuant to paragraph 49 of Schedule B1 to theInsolvency Act 1986 and Rule 2.25 of the Insolvency(Scotland) Rules 1986

17 August 2018

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Abbreviations

The following abbreviations are used in this report:Act The Insolvency Act 1986Banks The Companies’ secured bank fundersBondholders The Companies’ secured loan note fundersC.banner C.banner International Holdings LimitedCompanies House of Fraser Limited and House of Fraser (Stores) Limited (both in Administration)CVA Company Voluntary ArrangementGroup House of Fraser (UK & Ireland) Limited and its subsidiariesHOFL House of Fraser Limited (in Administration)HOFS House of Fraser (Stores) Limited (in Administration)HOF House of Fraser (trading name)JBL James Beattie Limited (in Administration)Rothschild N M Rothschild & Sons LimitedRules The Insolvency (Scotland) Rules 1986

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Contents1. Introduction, background and circumstances giving rise to the appointment ........ 12. Purpose, conduct and end of administration ............................................................ 63. Statement of affairs ................................................................................................... 104. Prescribed part.......................................................................................................... 125. Joint Administrators' remuneration, disbursements and payments to other

professionals ............................................................................................................ 136. Pre-Administration costs .......................................................................................... 14Appendix A Statutory information .............................................................................. 16Appendix B Detailed explanation of the transaction .................................................. 18Appendix C Receipts and payments account ............................................................. 34Appendix D Estimate of the Companies’ financial position ....................................... 36Appendix E Statement of Joint Administrators’ charging policy ............................ 155Appendix F Statement of pre-Administration costs ................................................. 156

Section 1: Introduction, background and circumstances giving rise to the appointment

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1. Introduction, background and circumstances givingrise to the appointment

1.1 IntroductionOn 10 August 2018 the Companies entered Administration and Alan Michael Hudson, RobertHunter Kelly, Craig Anthony Lewis and Colin Peter Dempster were appointed to act as JointAdministrators. This document, including its appendices, constitutes the Joint Administrators’statement of proposals to creditors pursuant to paragraph 49 of Schedule B1 to theInsolvency Act 1986 (‘Act’) and Rule 2.25 of the Insolvency (Scotland) Rules 1986 (‘Rules’).

Certain statutory information relating to the Companies and the appointment of the JointAdministrators is provided at Appendix A.

1.2 BackgroundThe Companies traded as House of Fraser (‘HOF’), a premium fashion, home and beautyretailer which was founded in 1849. HOF operated 58 department stores in the UnitedKingdom and one in the Republic of Ireland, and is one of the largest traditional departmentstore retailers in the UK.

The Companies and James Beattie Limited (‘JBL’) were subsidiaries of House of Fraser (UK& Ireland) Limited involved in the trading of HOF.

– HOFS was the Group’s principal trading entity, and held the leases to 44 of thedepartment stores and the majority of key contracts;

– HOFL held the leases to 14 of the HOF department stores, and sub-let them to HOFS;and

– JBL held the lease to one of the HOF department stores and also entered Administrationon 10 August 2018.

Based on the books and records available to us, HOFS and JBL employed approximately5,872 people, as summarised below, in addition to c.10,100 concessions staff who wereemployed by various concessionaires in the stores.

Company EmployeesHOFS 5,747

JBL 125Total 5,872

The Group was funded through a combination of a working capital facility, a revolving creditfacility, a term loan, an overdraft and secured loan notes, totalling approximately £400 million.


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A Group structure chart is presented below.

The recent financial results of the Group can be summarised as follows:

Period(Year end: Jan)

TypeAudited/ Draft

Turnover(£m)

GrossProfit(£m)

Grossmargin(%)

Directors’Remuneration(£m)

Profit /(loss)before tax(£m)

Total equity£m

5m to Jun 18 Draft 481.5 130.7 27% - (68.9) 55.5FY17/18 Draft 779.8 445.6 57% 1.7 (0.7) 130.1FY16/17 Audited 836.3 483.1 58% 1.2 9.9 110.7FY15/16 Audited 826.6 484.1 59% 0.8 (20.2) 73.5FY14/15 Audited 784.9 460.2 59% 1.5 (5.0) 68.0Sources: Audited financial statements – Companies House; Draft financial statements – company informationNote: Financial information is taken from the financial statements of House of Fraser (UK & Ireland) Limited – the smallest group that consolidates

the Group’s financial statements

House of Fraser(Storecard) Ltd

House of Fraser(Finance) Ltd

100%

100%

100%

100% 100%

100%

100%

Other Subsidiaries

Other Subsidiaries Other Subsidiaries

House of Fraser(Funding) plc

100% 100%

100%

House of Fraser(Stores) Ltd

House of Fraser Ltd

James Beattie Ltd

House of Fraser(UK & Ireland) Ltd

100%

100%

House of Fraser (UK &Ireland) Acquisitions

Ltd

In AdministrationKey:

House of Fraser(Stores Management)

Ltd


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1.3 Circumstances giving rise to the appointment1.3.1 Underlying trading performance

Over recent years, there has been significant pressure on revenue, gross margin and cashflow due to rapid changes in the fundamentals of UK retail, which has had a materiallyadverse impact on many aspects of traditional retailing.

Trading over the first 13 weeks of the financial year (to 28 April 2018) has been challengingfor the Group, and this has been reflected in:

– a 7.7% decline in underlying like for like sales compared to the prior year;

– a £14.6 million reduction in gross profit compared to the same period in the prior year;and

– EBITDA losses had increased year on year to c. £31.4 million, principally driven by thedecline in total sales.

The Group took a number of actions to attempt to address these issues including thenegotiation of a shareholder equity injection of c. £50 million to fund working capitalrequirements, and the sale of certain obsolete trademarks for consideration of c. £25 million(received in March 2018).

However, these actions were unable to address the downturn in trading performance and thedirectors concluded that the business had reached a stage where it was no longer able tocontinue to meet its ongoing costs in its current format.

1.3.2 Business restructuringIn light of these challenges, the Group sought to restructure its business. In an attempt torecapitalise the business, the Group’s directors and current majority shareholder (CenbestHong Kong Limited – part of the Sanpower Group) negotiated a conditional agreementthrough which C.banner International Holdings Limited (‘C.banner’) (a Hong Kong listedinternational retailer) would purchase a controlling stake in the Group in exchange for a£70 million cash injection.

The conditional agreement was subject to, amongst other things, the Group restructuring itsstore portfolio, which the Group sought to implement through a Company VoluntaryArrangement (‘CVA’) (see below).

This proposed restructuring comprised two overall elements: a CVA and a Scheme ofArrangement.

1.3.2.1 Company Voluntary ArrangementsThe first element of the Restructuring was to comprise a rationalisation of the Group’sleasehold estate.

On 6 June 2018 HOFL and HOFS filed proposals for CVAs. The proposals were consideredto be central to the restructuring of the business required at that time.

The CVAs were voted on and passed by creditors and shareholders on 22 June 2018.

1.3.2.2 Scheme of ArrangementThe second element of the restructuring was the amendment of various existing financeagreements as entered into between the Group and its secured creditors.


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In July 2018, a Scheme of Arrangement proposed by HOFS was sanctioned by the Courtsand became effective on 27 July 2018. Three of the purposes of the scheme were to:

– permit up to £50 million of new financial indebtedness to be incurred and to be securedon a super senior basis. HOF subsequently entered into a £10m term loan facility on asuper senior basis and used this to repay a £10m short term overdraft facility obtainedfrom its lenders in May 2018;

– facilitate the recapitalisation of the Group by permitting the change of control expected tooccur as a result of C.banner’s conditional agreement to acquire a 51% stake in Houseof Fraser Group Limited and inject approximately £70m via a placing; and

– extend the maturity dates of senior facilities and notes to 30 October 2018.

At the end of July, it became clear that the proposed investment from C.banner would not beproceeding as planned.

1.3.2.3 Challenge to the CVAsOn 20 July 2018 the CVAs were challenged by certain of the Group’s landlords.

In response to the news of the CVA challenge, C.banner (the proposed purchaser of thecontrolling stake in the Group) announced that it would delay issuing their shareholdercircular (in respect of purchasing the 51% stake in the business and issuing a placement for£70m new equity) until 31 October 2018 in order to provide time for the Group to settle anyfurther challenges to the CVAs that may arise.

Also, on 1 August 2018 C.banner’s own share price declined markedly such that, accordingto a filing on the Hong Kong stock exchange, it would be “impracticable and inadvisable” toproceed with the proposed transaction.

In addition to seeking to negotiate a settlement to the CVA challenge; in late July, the Groupand its advisors began looking at other options including: (i) bridging finance to the dateC.banner could provide the £70 million; and (ii) a separate sale in order to rescue thebusiness.

On 5 August 2018 the Group announced that both challenges to the CVAs had been settled.

1.3.3 Alternative options considered by the GroupIt was estimated that, in order to continue to trade the Group, c. £40 million of additionalfunding would be required on or before 20 August 2018, increasing to c. £60 million to£70 million by 28 September 2018. This was to be funded by the C.banner transaction.

As a result of the above, and the withdrawal of C.banner, the Group entered into discussionswith potential investors in relation to the provision of alternative investment and liquiditysolutions. The Group, advised by N M Rothschild & Sons Limited (‘Rothschild’), a member ofone of the world's largest independent financial advisory groups, began engaging withpotential investors

With assistance from Rothschild, the Group commenced an accelerated marketing process toidentify other potential investors. This, and the resulting press commentary, resulted in anumber of expressions of interest in acquiring, or investing in, the Group.

There were a number of proposals from interested parties which had the potential to preservethe solvency of the Group (including the Companies).


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On 9 August 2018 the Group’s cash flow position worsened further due to the actions ofcertain service providers, which meant that the Companies and JBL would not have sufficientcash flow to continue to trade without the insolvency protection of an Administration Order.

At a meeting of the directors of the Companies held on 9 August 2018, and following detailedconsideration of the financial position of the Companies, the directors resolved to immediatelypetition the Courts for Administration orders in respect of the Companies.

Section 2: Purpose, conduct and end of Administration

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2. Purpose, conduct and end of Administration

2.1 Purpose of the AdministrationThe purpose of an Administration is to achieve one of three objectives:

a. to rescue the company as a going concern;

b. to achieve a better result for the company’s creditors as a whole than would belikely if the company were wound up (without first being in Administration); or

c. to realise property in order to make a distribution to one or more secured orpreferential creditors.

Insolvency legislation provides that objective (a) should be pursued unless it is notreasonably practicable to do so or if objective (b) would achieve a better result for thecompany’s creditors as a whole. Objective (c) may only be pursued if it is not reasonablypracticable to achieve either objective (a) or (b) and can be pursued without unnecessarilyharming the interests of the creditors of the company as a whole.

It was not deemed possible to rescue the Companies as a going concern without a solventoffer for the business or alternative funding being made available. Neither were forthcomingin a format that was deliverable in the timescales available.

Consequently, objective b) is being achieved through the completion of a sale of substantiallyall of the Companies’ business and assets.

The sale of the Companies’ business enables this objective to be achieved through deliveringa better outcome to creditors than would have been achieved through a liquidation sale ofassets. The outcome achieved through the sale was the best available outcome for creditorsas a whole in all the circumstances.

Further information relating to the sale transaction is provided at Section 2.2 below, and atAppendix B.

2.2 Conduct of the Administration2.2.1 Sale of the business and assets

On 10 August 2018 the Joint Administrators completed a sale of substantially all of theCompanies’ business and assets to the entities listed below, which are part of the SportsDirect group, as part of a transaction with total consideration of £90 million:

– SDI (Propco 35) Limited;

– Shelfco A2 Limited; and

– Shelfco A1 Limited.

The transaction also impacts on JBL, a related entity which also entered Administration on10 August 2018.

A detailed explanation of the transaction was sent to creditors on the same date as theseproposals, and is also attached at Appendix B to these proposals.

Section 2: Purpose, conduct and end of administration

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2.2.2 Principal benefits of the transactionThe principal benefits of the transaction can be summarised as follows:

– the transaction resulted in all of the Group’s employees (other than those at the store inDundrum, Republic of Ireland) transferring to the purchaser, thereby mitigating the levelof preferential claims against the Companies;

– the transaction ensured the continued operation of all of the Group’s store network;

– the transaction generated enhanced returns to creditors compared to alternativeavailable options;

– the structure of the transaction affords the purchaser and relevant landlords theopportunity to enter into longer term agreements for continued occupation of thetransferred stores and, if achieved, this will act to mitigate the level of landlordunsecured claims against the Companies; and

– the sale also allows for continued trading and the potential for agreement with theconcessionaires, which may limit claims against the Companies for damages.

2.2.3 Significant assets not included in the sale agreementThe assets which we are aware of, excluded from the transaction include:

– rent prepayments (to be recovered from the purchaser, as appropriate);

– any business rates refunds due to the Companies;

– cash in the Companies’ bank accounts at the date of appointment;

– cash in transit at the date of appointment; and

– any other trading debtors & prepayments.

The sale agreement also includes the potential for the HOF store in Dundrum (Republic ofIreland) to be included. However, before it can be transferred there are regulatory mattersthat need to be addressed. It is believed these matters can be resolved within a number ofweeks.

2.2.4 Property overviewAt the date of the appointment, the Companies and JBL operated from 64 locations, all ofwhich were occupied under leasehold arrangements. This included 59 trading stores, threeoffice locations and two warehousing facilities.

As part of the sale, a licence to occupy all of these premises (other than the HOF store inDundrum) has been granted to the purchaser.

2.2.5 Initial meeting of creditorsThe Joint Administrators are of the opinion that each of the Companies have insufficientproperty to enable a distribution to be made to their respective unsecured creditors, otherthan by virtue of the Prescribed Part. Consequently, in accordance with the provisions ofparagraph 52(1) of Schedule B1 to the Act, they do not intend to call an initial creditors’meeting for either of the Companies.


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The Joint Administrators will be obliged to call an initial meeting of creditors of the appropriatecompany if it is requested by creditors of that company whose debts amount to at least 10%of the total debts of the company. The request must be made within eight days of the date onwhich these proposals are sent out (or such longer period as the court may allow) and mustbe in the prescribed form. The creditor summoning the meeting must lodge with the JointAdministrators a deposit as security for the expenses of summoning and holding the meeting.Further information is provided in the covering letter accompanying these proposals.

2.2.6 Joint Administrators’ receipts and paymentsA summary of the Administrators’ receipts and payments for the period from 10 August 2018to 15 August 2018 is attached at Appendix C.

2.2.7 Future conduct of the administrationThe Joint Administrators will continue to deal with the Administrations in line with the statedobjective, namely to achieve a better result for the Companies’ creditors as a whole thanwould be likely if the Companies were wound up (without first being in Administration).

Future tasks will include, but may not be limited to, the following:

– investigating the extent of any other assets held by the Companies, excluded from thesale of business and assets, and taking steps to realise them;

– liaising with the Companies’ bank and merchant services providers to secure the releaseof cash held in pre-appointment bank accounts and cash in transit;

– dealing with landlords, leasehold properties, the payment of rent and service charges, inconnection with the licence to occupy;

– facilitating the assignment of leases to the purchaser;

– assisting with the assignment of trading contracts to the purchaser;

– continuing to trade at Group’s store in Dundrum (Republic of Ireland) until the regulatorymatters preventing a sale have been resolved;

– distributing amounts to the secured and preferential creditors (as applicable);

– agreeing unsecured creditor claims and distributing the Prescribed Part (as applicable);

– if the Joint Administrators deem it appropriate, to seek an extension and/or furtherextensions to the Administrations from the Companies’ creditors and/or the Court.

– review and conclude the tax affairs of the Companies (as appropriate);

– dealing with unsecured creditor queries;

– dealing with statutory reporting and compliance obligations;

– considering the conduct of the Companies’ directors;

– finalising the Administrations including payment of all Administration liabilities; and

– any other actions required to be undertaken by the Joint Administrators in order to fulfilthe purpose of the Administrations.


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2.2.8 Distributions to CreditorsIt is proposed that distributions will be made in the Administrations to the floating chargeholders, preferential creditors (where applicable) and unsecured non-preferential creditors (byvirtue of the Prescribed Part, where applicable).

2.2.9 The end of the AdministrationsIt is proposed that if, at the end of the Administrations, any of the Companies have noproperty which might permit a distribution to their respective creditors; the JointAdministrators will send a notice to that effect to the Registrar of Companies. On registrationof the notice the Joint Administrators’ appointment in respect of the company concerned willcome to an end. In accordance with the provisions of paragraph 84(6) of Schedule B1 to theAct the company concerned will be deemed to be dissolved three months after theregistration of the notice.

Section 3: Statement of affairs

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3. Statement of affairs

The directors have not yet submitted a Statement of Affairs, given the limited time which haspassed since the Joint Administrators’ appointment.

Notices requiring the submission of Statement of Affairs for each of the Companies wereissued to all current directors of the Companies on 15 August 2018, with a requirement tosubmit the Statement of Affairs within 11 days of receipt of the notice (being a period whichhas not yet expired).

In the absence of a Statement of Affairs, based on the Companies’ books and records, weattach at Appendix D:

– an estimate of the financial position of each of the Companies as at 23 June 2018, beingthe latest financial information available at this time; and

– a current list of creditors including, as far as is currently known, their names, addresses,amounts owed and details of any security held.

We provide below, for information, an indication of the current position with regard tocreditors’ claims. The figures have been compiled based on the Companies’ books andrecords and have not been subject to independent review or statutory audit.

3.1 Secured creditorsThe Group’s secured funding broadly falls into two categories

1. super senior secured working capital facility, senior secured revolving credit facility,senior overdraft and senior secured term loan lenders (‘Banks’); and

2. holders of senior secured floating rate notes, due 2020 (‘Bondholders’).

The senior secured revolving credit facility, senior secured term loan and senior securedfloating rate notes are all subordinate to the super senior secured working capital facility.

The table below summarises the facilities provided:

Super senior facilities 10.0

Senior facilities 225.0

Bondholders 165.0

400.0Other than the super senior facility, which has priority ranking, the senior facilities andbondholders indebtedness ranks pari passu.

Please note that the confirmed indebtedness at the date of the Joint Administrators’appointment, in particular the usage of the senior revolving credit facility and any postappointment interest and charges, is still subject to confirmation.

Section 3: Statement of affairs

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3.2 Preferential creditorsAll of the employees of HOFS transferred to the purchaser as a result of the sale.

However, there may be certain preferential claims from former employees in respect ofarrears of wages, holiday pay and payroll deductions. It is currently too soon to quantify theseclaims.

There may also be certain preferential claims in respect of the Group’s trading store inDundrum (Republic of Ireland).

It is currently too soon to quantify these claims.

3.3 Non-preferential creditorsThe Joint Administrators continue to receive claims from unsecured non-preferential creditorsof the Companies.

It is currently estimated that unsecured non-preferential claims against the Companies will bein the region of £484 million.

This is based on the Companies’ current books and records, and is likely to change as furtherclaims are received.

Section 4: Prescribed Part

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4. Prescribed Part

The Prescribed Part is a proportion of floating charge assets set aside for unsecuredcreditors pursuant to section 176A of the Act. The Prescribed Part applies to floating chargescreated on or after 15 September 2003.

4.1 HOFLThe Joint Administrators currently estimate, to the best of their knowledge and belief, that thevalue of the net property is £nil. This is subject to the assessment of any residual assets inHOFL, including potential dividends from the insolvency of other Group companies.

4.2 HOFSThe Joint Administrators currently estimate, to the best of their knowledge and belief, that:

– the value of the net property is c.£80 million; and

– the value of the Prescribed Part is £0.6m, being the maximum amount available to beset aside, before the costs of dealing with the Prescribed Part.

Note: the above estimate of net property is subject to, amongst other things, confirmation ofpreferential creditor claims in this matter, which are not yet known.

Section 5: Joint Administrators' remuneration, disbursements and payments to other professionals

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5. Joint Administrators' remuneration, disbursementsand payments to other professionals

5.1 RemunerationThe statutory provisions relating to remuneration are set out in Rule 2.39 of the Rules.Further information is given in the Association of Business Recovery Professionals’publication ‘A Creditors’ Guide to Administrators’ Fees’, a copy of which may be accessedfrom the web site of the Institute of Chartered Accountants of Scotland athttps://www.icas.com/technical-resources/creditor-guides-to-office-holder-remuneration(select ‘Creditor’s Guide to an Administrator’s Remuneration’), or is available in hard copyupon written request to the Joint Administrators.

In respect of each of the Companies; in the event that a creditors’ meeting is not requisitionedand a creditors’ committee is not formed, the Joint Administrators will seek to have theirremuneration fixed by the secured creditors and, if applicable, the preferential creditors, inaccordance with Rule 2.39 of the Insolvency (Scotland) Rules. The Joint Administrators willask for their remuneration to be fixed on the basis of time properly given by them and theirstaff in dealing with matters arising in the Administrations.

Details of time spent and charge out rates will be provided to the secured creditors and, ifapplicable, the preferential creditors, and will be made available to any other creditor uponwritten request to the Joint Administrators.

5.2 DisbursementsA statement of the Joint Administrators’ policy for charging disbursements is attached atAppendix E. In the event that a creditors’ meeting is not requisitioned and a creditors’committee is not formed, the Joint Administrators will seek the approval of the securedcreditors and, if applicable, the preferential creditors, to charge Category 2 disbursements.

5.3 Payments to other professionalsThe Joint Administrators have engaged the following other professionals to assist them.They were chosen on the basis of their experience in similar assignments.

Name of firm Nature of service How contracted to be paidClifford Chance LLP Legal services (England & Wales) Time cost basisBurness Paull LLP Legal services (Scotland) Time cost basisA&L Goodbody Legal services (Republic of Ireland) Time cost basisTughans Solicitors Legal services (Northern Ireland) Time cost basisMatheson Legal services (Republic of Ireland) Time cost basisPinsent Masons LLP Legal services (Property) TBC

No fees have been paid to date.

Section 6: Pre-Administration costs

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6. Pre-Administration costs

The Joint Administrators are seeking approval for payment of unpaid pre-Administration coststotalling £850,644 (plus VAT), being the Joint Administrators’ costs and third party costs, asan expense of the Administration of HOFS.

The payment of unpaid pre-Administration costs as an expense of the Administration issubject to approval under Rule 2.39C of the Rules, and not part of the proposals subject toapproval under paragraph 53 of schedule B1 to the Act. This means that they must beapproved separately from the proposals.

A breakdown of the total pre administration costs incurred and amounts paid pre-Administration (if any) is attached at Appendix F. Further information is provided below.

6.1 Joint Administrators’ costsThis work commenced on 30 July 2018, and was carried out under an engagementagreement between Ernst & Young LLP and certain of the Banks dated 3 August 2018.

The nature of the pre-Administration work conducted can be summarised as follows:

– contingency planning in order that one or more insolvency of ceholders from EY wouldbe in a state of reasonable preparedness to accept formal insolvency appointments toone or more Group companies in the event that an insolvency ling becameunavoidable;

– negotiating and delivering the sale (as detailed at Appendix B); and

– planning for the period immediately post-Administration in order to deal with all matterseffectively.

The costs in connection with this work total £1,041,202 (plus VAT), against which £nil hasbeen paid to date.

The Joint Administrators are seeking approval to payment of £843,880 (plus VAT) againstthese costs.

6.2 Third party expensesIn addition to the above, the following third-party pre-Administration expenses have beenincurred prior to the appointment:

Bryan Cave Leighton Paisner LLP (‘BCLP’) provided legal advice to the Joint Administratorsin connection with the appointment. BCLP’s unpaid pre-Administration costs total £6,764(plus VAT). This work was carried out under an engagement agreement between Ernst &Young LLP and BCLP dated 2 August 2018.

The breakdown attached at Appendix F sets out:

– the fees charged by the Joint Administrators;

– the expenses incurred by the Joint Administrators;

– the fees charged (to the Joint Administrators’ knowledge) by any other person qualifiedto act as an insolvency practitioner (and if more than one, by each separately); and

Section 6: Other matters

Ernst & Young ÷ 15

– the expenses incurred (to the Joint Administrators’ knowledge) by any other personqualified to act as an insolvency practitioner (and if more than one, by each separately).

In the event that a creditors’ meeting is not requisitioned, and a creditors’ committee is notformed, the Joint Administrators will seek to have the unpaid pre-Administration costsapproved by the secured creditors and, if applicable, the preferential creditors.

Appendix A: Statutory information

Ernst & Young ÷ 16

Appendix A Statutory information

Company information

Company names: House of Fraser Limited (‘HOFL’)House of Fraser (Stores) Limited (‘HOFS’)

Registered officeaddresses:

HOFL: Granite House, 31 Stockwell Street, Glasgow, G1 4RZHOFS: Granite House, 31 Stockwell Street, Glasgow, G1 4RZ

Registered numbers: HOFL: SC021928HOFS: SC010677

Trading Names: House of Fraser, Frasers, Jenners

Trading Addresses: HOFL: 27 Baker Street, London, W1U 8AH (head office)HOFS: 27 Baker Street, London, W1U 8AH (head office)

Details of the Administrators and of their appointment

Administrators: A M Hudson, R H Kelly, C P Dempster and C A Lewis

Date of Appointment: 10 August 2018

By Whom Appointed: The appointments were made by the Court

Court Reference: Court of Session:

HOFL: P793/18HOFS: P794/18

Any of the functions to be performed or powers exercisable by the Joint Administrators maybe carried out/exercised by any one of them acting alone, or by any or all of them actingjointly.

Statement concerning the EC RegulationThe EC Council Regulation on Insolvency Proceedings does apply to this administration andthe proceedings are main proceedings. This means that this Administration is conductedaccording to UK insolvency legislation and is not governed by the insolvency law of any otherEuropean Union Member State.

Share Capital

Class Authorised Issued & Fully paid

Number £ Number £HOFL: Ordinary 338,016,989 67,603,398 338,016,989 67,603,398HOFS: Ordinary 1,179,600,000 117,960,000 1,179,600,000 117,960,000

Appendix A: Statutory information

Ernst & Young ÷ 17

HOFL: Directors and secretary and their shareholdings

NameDirector orSecretary Date Appointed Date Resigned

CurrentShareholding

Yong Shen Director 30 Jul 2018 N/A N/AFei-Er Cheng Director 30 Jul 2018 N/A N/AColin D Elliot Director 1 May 2015 8 Aug 2018 N/APeter G Hearsey Director

Secretary23 Apr 201718 Feb 1998

N/AN/A

N/A

Nigel Oddy Director 1 Mar 2015 23 Apr 2017 N/AAlex P Williamson Director 20 Sep 2017 N/A N/A

HOFS: Directors and secretary and their shareholdings

NameDirector orSecretary Date Appointed Date Resigned

CurrentShareholding

Yong Shen Director 30 Jul 2018 N/A N/AFei-Er Cheng Director 30 Jul 2018 N/A N/AColin D Elliot Director 1 May 2015 8 Aug 2018 N/APeter G Hearsey Director

Secretary26 Mar 200930 Jun 1998

N/AN/A

N/A

Nigel Oddy Director 10 Sep 2009 23 Apr 2017 N/APeter T Gross Director 10 Sep 2009 13 Apr 2018 N/AAlex P Williamson Director 20 Sep 2017 N/A N/A

Appendix B: Detailed explanation of the transaction

Ernst & Young ÷ 18

Appendix B Detailed explanation of the transaction


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Appendix C: Joint Administrators’ receipts and payments account

Ernst & Young ÷ 34

Appendix C Joint Administrators’ receipts andpayments account for the period from10 August 2018 to 15 August 2018

House of Fraser Limited (in Administration)

NotesEstimated torealise as perDirectors' Statement of Affairs (£)

2 Receipts £

Property 0.24Total receipts 0.24

2 Payments

Total payments -

3 Balances in hand 0.24

Notes1) Directors' Statement of Affairs not yet available2) Receipts and payments are shown net of VAT3) All funds are held in interest bearing accounts

n/a

1

Appendix C: Joint Administrators’ receipts and payments account

Ernst & Young ÷ 35

House of Fraser (Stores) Limited (in Administration)

NotesEstimated torealise as perDirectors' Statement of Affairs (£)

2 Receipts £

Stock 84,479,052.31Equipment 2,889,137.74Business Intellectual Property 1,500,000.00Information Technology 481,522.96Concession Agreements and other contracts 2.00Claims 1.00Customer Information 1.00Goodwill 1.00Shares 1.00Vehicles 1.00Property 0.75Total receipts 89,349,720.76

2 Payments

Total payments -

3 Balances in hand 89,349,720.76

Notes1) Directors' Statement of Affairs not yet available2) Receipts and payments are shown net of VAT3) All funds are held in interest bearing accounts

1

n/a

Appendix D: Estimate of the Companies’ financial position

Ernst & Young ÷ 36

Appendix D Estimate of the Companies’ financialposition

An estimate of the financial position of the Companies as at 23 June 2018, being the latestfinancial information available at this time, is provided below. This information is based on thebook values within the Companies’ records.

These are not the estimated to realise values.

House of Fraser Limited (in Administration)

£mAssetsFixed assets

Investments 144.5Current assets

Trade and other receivables 0.2

Total 144.7LiabilitiesCurrent liabilities

Trade and other payables (181.3)

Total (181.3)

Net assets / (liabilities) (36.6)Note: House of Fraser Limited is also a guarantor in respect of funding provided to the widerGroup.

Appendix D: Estimate of the Companies’ financial position

Ernst & Young ÷ 37

House of Fraser (Stores) Limited (in Administration)

£mAssetsIntangible assets

Goodwill 8.4Other intangibles 66.8

Tangible assetsProperty, plant & equipment 172.0

Other non-current assetsDeferred tax 5.5Retirement benefit surplus 60.9Investments in subsidiaries 2.0

Current assetsInventory 97.3Trade and other receivables 344.8Other 0.1

Total 757.8LiabilitiesBorrowings

Term loan (126.4)Revolving Credit Facility (83.0)

Other non-current liabilitiesDeferred income / other (123.7)Deferred tax (5.5)Finance leases (12.5)Provisions (29.7)

Current liabilitiesTrade and other payables (366.3)Finance leases (3.7)Cash and cash equivalents (1.3)Provisions (1.5)

Total (753.6)

Net assets / (liabilities) 4.2Note: House of Fraser (Stores) Limited is also a guarantor in respect of funding provided tothe wider Group.

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Appendix E: Statement of Joint Administrators’ charging policy

Ernst & Young ÷ 155

Appendix E Statement of Joint Administrators’charging policy for remuneration anddisbursement pursuant to Statement ofInsolvency Practice 9

Charging and disbursement policyJoint Administrators’ charging policy for remuneration

The Joint Administrators have engaged managers and other staff to work on theAdministrations. The work required is delegated to the most appropriate level of staff takingaccount of the nature of the work and the individual’s experience. Additional assistance isprovided by accounting and treasury executives dealing with the Companies’ bank accountsand statutory compliance diaries. Work carried out by all staff is subject to the overallsupervision of the Joint Administrators.

All time spent by staff working directly on case-related matters is charged to a time codeestablished for the case. Time is recorded in units of six minutes. Each member of staff has aspecific hourly rate, which is subject to change over time.

Administrators’ charging policy for disbursementsStatement of Insolvency Practice 9 divides disbursements into two categories:

Category 1

Category 1 disbursements are defined as specific expenditure relating to the administration ofthe insolvent’s affairs and referable to payment to an independent third party. Suchdisbursements can be paid from the insolvent’s assets without approval from the Creditors’Committee or the general body of creditors. In line with Statement of Insolvency Practice 9, itis our policy to disclose Category 1 disbursements drawn but not to seek approval for theirpayment. We are prepared to provide such additional information as may reasonably berequired to support the disbursements drawn.

Category 2

Category 2 disbursements are charges made by the office holder’s firm that include elementsof shared or overhead costs. Statement of Insolvency Practice 9 provides that suchdisbursements are subject to approval as if they were remuneration.

It is our policy, in line with the Statement, to seek approval for Category 2 disbursementsbefore they are drawn.

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6of

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