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Frasers Group PLC is plotting a takeover of a struggling tailor situated in London's iconic Savile Row street, Sky News reported on Sunday.
Mike Ashley's Sports Direct owner is among a number of firms keen on acquiring Gieves & Hawkes. The Hong Kong-based owner of Gieves & Hawkes fell into liquidation, Sky News said.
Gieves & Hawkes can trace its lineage back to the 1700s.
The Savile Row street is famed for men's formalwear, though its fortunes have been hurt by the pandemic.
Gieves & Hawkes has held a royal warrant to supply livery and military tailoring services to the late Queen Elizabeth II.
https://news.sky.com/story/ashley-swoops-with-bid-for-stricken-savile-row-tailor-gieves-hawkes-12694857
Frasers has built a reputation of buying up struggling retailers. Dealmaking has seen it take control of brands such as Jack Wills, Evans and more recently, Missguided - in a £20 million deal struck in June.
Frasers rejoins London's FTSE 100 index on Tuesday, replacing Meggitt PLC which is on its way out after accepting a takeover bid.
Frasers was booted out of the blue-chip index back in March 2016, when it was named Sports Direct International. It has not returned since.
Frasers shares were 1.7% higher at 825.80 pence each in London on Monday afternoon.
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