Billionaire Philip Day could be exploring bid for House of Fraser

Billionaire Philip Day is in the early stages of a potential bid for British retailer House of Fraser to save it from collapse, Sky News reported on Thursday citing sources.

House of Fraser was not available for immediate comment.

A rescue deal for the British retailer  had been thrown into doubt on Wednesday after C.banner cancelled planned fundraising for its deal to become a majority shareholder in the department store.

“In light of C.banner’s announcement... House of Fraser is in discussions with alternative investors and is exploring options to obtain the required investment on the same timetable,” the 169-year-old retailer said in a statement yesterday.