Business News: Store House Of Fraser Owner Eyes McDonald’s Stores

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House of Fraser owner Sanpower is bidding for a slice of McDonald’s as part of an auction of its China and Hong Kong stores that could fetch up to $3bn (£2bn).

Technology and retail firm Sanpower confirmed it had submitted a joint bid with Beijing Tourism Group for the stores. It was one of more than six bids submitted.

US private equity firms were also said to be among those circling the fast food operation, with a view to teaming up with Chinese partners.

A spokesman for China-based Sanpower said: “In recent years, we are building more offline commercial stores, aiming to provide better shopping experience for consumers.

“McDonald’s could provide new brand elements for us.”

The announcement comes two years after Sanpower’s Shanghai-listed retail arm took over department store chain House of Fraser in a £480m deal.

US-based McDonald’s announced in March that it was reorganising its Asian operations by bringing in partners who would own the restaurants within a franchise business.

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