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Frasers Group PLC - Shirebrook, England-based retail group which owns stores House of Fraser and Sports Direct - Has completed assessment of ‘unsettled value’ created by Michael Murray's MM Prop Consultancy Ltd ahead of his appointment as Frasers chief executive at the start of May. The final payment to be made by Frasers to MM Prop is £20.9 million, following application of 40% discount. MM Prop is entitled to up to 25% of any value created by services provided to Frasers. ‘The agreement with MM Prop Consultancy Ltd has delivered significant financial and strategic value for the Group and its stakeholders. We are delighted that Michael will now drive us forward in our elevation journey, which we are already making strong progress with,’ the board says.
Murray says: ‘I am very excited to be leading Frasers Group in its next chapter and am confident we are going to take the group to new heights with the progress we are making in our elevation strategy. I want to ensure we continue to serve our consumers with the World's best Sports, Premium, and Luxury Brands so that we can continue to deliver for our colleagues, shareholders and partners.’
Current stock price: 690.00 pence, down 1.5% on Friday
12-month change: up 34%
By Lucy Heming; lucyheming@alliancenews.com
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