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Business School
ASSIGNMENT格式 FRONTSHEET
Module Title Strategic Marketing Management
Semester ONE and TWO 2008/9
Assessment Type: AssignmentAssessment Title: House of Fraser
Weighting: 100%Moderated by: Internal : Scrutiny Panel
External : David HarveyDate of issue: Monday 12th January 2009
Submission Date, Time, Place & Arrangements:Submission Date: 5th April 2009
Assignments must be submitted by the due date. The only circumstance in which assignments can be submitted late is if an extenuating circumstances form is submitted at the same time. In these circumstances work may be submitted up to 2 weeks late only. If the extenuating circumstances are upheld, the assignment will be graded; otherwise a ‘0’ will be awarded.
Word length: 5,000
State the number of words used at the end of the assignment. You may include diagrams, figures, appendices etc. without word penalty. A sliding scale of penalties for excess length will be imposed. The penalties will be as follows:
Up to 10% excess words - no penalty
11-20% excess words - 5% penalty
21-30% excess words – 10% penalty
31% plus excess words cannot achieve more than a pass grade (40%).
ADDITIONAL INFORMATION TO TAKE CAREFUL NOTE OF:
What is plagiarism?
http://www.ukassignment.org/daixieAssignment/Assignmentgeshi/Contrary to popular student belief getting caught and being punished for committing plagiarism is not a rare occurrence. The Marketing Division typically uncovers and reports for disciplinary action between 6 and 12 students each year for ‘plagiarism’.
We strongly recommend that you read the full document at the above address. Summarised below are some of the key points. You will have committed plagiarism and may be caught, reported and punished (as described below) if you:
Copy extensively from the work of others (from sources such as books, magazines, journals, web-sites for example) and submit the work as your own. NB It is acceptable to refer to the work of others as long as you do not use too much, and reference your sources properly.
• Copy another student’s work and submit it for assessment under your own name.
• Allow another student to copy your work and the student then submits it for assessment under their name.
The last item is of particular importance; few students seem to understand what it means. You should be aware that if, for example, you allow another student to borrow your work and they subsequently copy some of that work and present it as their own, you and they will both be punished even though they copied your work.
What happens if you get caught?
Examination Boards may punish offending students in a number of ways. Typically, punishments range from reducing grades, making students re-sit modules, through to failing students on a module or an entire award.#p#分页标题#e#
The University regards this form of cheating as a serious offence.
Please consider yourself warned!
Ethics Disclaimer:I confirm that the University’s guidelines for ethical approval have been consulted and that all ethical issues and implications in relation to the above project have been considered. I confirm that ethical approval need not be sought.Name/Signature of Module Leader: Date:
Learning Outcomes
1. Evaluate critically a business scenario for marketing audit and planning purposes.
2. Critically appraise and demonstrate a facility in making numerically based decisions as part of justifying marketing actions.
3. Produce a justified marketing plan based upon the scenario analysed.
Strategic Marketing Management2008/9
Assessment Briefing Document
Assessment
You will be assessed by an individual assignment comprising 5,000 words based upon House of Fraser as explained below:
“House of Fraser insists it is in healthy shape”
• Julia Finch, City editor
• guardian.co.uk, Thursday October 16 2008 18.20 BST
House of Fraser says it 'has all the funding in place to operate successfully'. Photograph: PR
ASSIGNMENT格式Department store House of Fraser, part owned by troubled Icelandic retail investor Baugur, is insisting it is not short of funds and would consider buying Baugur's stake if the shares are put up for sale.
"With the quality of the business and what we have achieved to date, we have always had parties approach us trying to be part of the act. That has not changed. Our responsibility is to the long term future of the business and our employees, and we will always act in their best interest ……."
Assessment Task
1. For either womenswear or menswear (select only one of these product lines) conduct a full analysis of House of Fraser with regard to you chosen product line, including suggested numerical assessments where you feel this is necessary. The analysis (using the appropriate analytical tools) should include customers, the organisation, industry, markets and competitors.
2. From this analysis you are required to identify future opportunities for growth (including numerical assessments) for both market share and profit to meet customer future needs, for your chosen product line of either womenswear or menswear.
3. Using the results of your analysis in part 2, formulate and produce a 6 to 24 month justified strategic marketing plan, in report format, for the growth opportunities you have identified above.
Assessment Task Assistance Notes
• Full analysis of the case material provided and further investigation is required to fully appreciate the business scenario and for full utilization of the proposed numerical tools of critical analysis. #p#分页标题#e#
• A clear customer orientation is required for your future market opportunity.
• Only submit a justified strategic marketing plan.
• The strategic marketing plan must be in a business report format and appendices must be clearly indicated and use of the Harvard Referencing method is required.
• The assignment criteria below show how you will be assessed and achieve your grade.
• Only House of Fraser in the UK to be considered for this assignment.
Assignment Criteria and Assessment of Learning Outcomes:
Criteria % Learning Outcome
Depth of Analysis:
• Sufficient and appropriate information has been selected and retrieved to understand and critically evaluate the business scenario. 15%
1,2
Knowledge and comprehension of the strategic marketing planning process:
• Coherent, full and logical content of the marketing plan. 15% 1,2
Application of appropriate analytical tools and theoretical concepts in the marketing plan:
• A wide range of theoretical concepts and models/tools are identified.
• Concepts and tools have been critically appraised and effectively applied to analyse the business scenario. 25% 1,2
Critical evaluation and synthesis of numerical data to make effective analyses and justify the marketing plan:
• An appropriate future market opportunity is identified.
• A distinct customer focus is identified.
• Objectives, strategy, outline marketing mix are closely linked to prior analysis.
• Implementation and control issues are addressed.
• Critically evaluates the analytical tools/models. 35% 1,2,3
Communication and presentation:
• Presented in an appropriate business report format.
• Harvard Referencing is used effectively.
• Bibliography included. 10% 3
Some Indication of Criteria for Assessment:
Please note that these are broad guidelines only and inevitably some students produce work exhibiting features from more than one category. This necessitates an assessment by the marker of the relative importance of the various strengths and weaknesses of the piece of work.
To achieve a ‘Pass’ grade
Work of this standard will provide a realistic and feasible approach to the marketing analysis and planning process. It will critically appraise and utilise some relevant theories and models. The marketing plan will be in an appropriate format, with some justification offered by means of critical evaluation. Grammar and presentation will be at an appropriate standard such that meaning is clear. There will be some evidence of further reading and research, appropriately referenced.
To achieve a ‘Distinction’ grade
Excellent work that will draw effectively upon the theoretical models and the numerical concepts that support the marketing analysis and planning process, and that will be fully and properly referenced, taking a critical stance. Marketing plan will be fully justified and convincing, and will be closely linked to prior analysis. Issues relating to implementation and control will also be fully addressed. Work will be very well presented with minimal errors in grammar and presentation.#p#分页标题#e#
Briefing Document 1
Advisory outline for the Strategic Marketing Management assignment: BLB 10047-3 ….. 2008/09
What is suggested here is a general outline for your consideration. It will depend upon how you wish to focus your strategy document and which creates the best impact. Remember that the numerical analysis aspect of the strategy is for you to demonstrate, (as marketers are ever increasingly required to do in today’s business environment) that you understand the formulas, what they represent and what can be interpreted from them to advise on outcomes, trends and projected strategies.
This document is by no means fully comprehensive in its content and should be taken as advice and a starting point for your strategy. It is expected that this will have far more content and diversity in its structure.
Outline
1. Report format is desirable with sequential numbering or some form of logical framework.
2. A contents page and page numbering is advised.
3. Use of an executive summary is advised to give a short overview of the strategy and the thinking behind it.
4. Use of appendices (without word penalty) to give, for example, background raw data, numerical equation applications, methods and models, to be used as a base for summary or conclusions. Which can then be brought forward within the main text.
5. Harvard referencing to be used throughout, although this is report format assignment, the expectations are that good academic background referencing will be used. This for the bibliography and within the text when appropriate.
6. Strategy formation
6.1. Objectives will be derived from your choice of product line and sector and your decisions on what market share and profit levels can or should be achieved.
6.2. The main body of the strategy could follow any of the suggested variances in framework already discussed throughout the course; it is up to you to decide which is the best for your assignment.
6.3. Numerical analysis and forecasting might include decision making on customer satisfaction, forecasting, product analysis, communication including, media, promotion, sales and channel distribution, retention decisions and directions. The important aspect of this work is to demonstrate that you understand the trends and implications and are able to explain and give solutions and implementation decisions based upon your appropriate analysis.
7. The assignment is to be conducted through only secondary research
routes. No primary research should be undertaken. Debenhams are not to be contacted for any reason in connection with this assignment.
Any questions please mail on [email protected]
Pete Ingham
#p#分页标题#e#
Briefing Document 2
Strategic Marketing Management …….Assignment Feedback Sheet
Year 08/9
Student Number ………………….. Assessor ……………………..
At various points throughout the attached copy of your work, you will find hand-written numbers in the margin. These refer to various problems with the quality of your written work. There is a summary listing of those problems on the other side of this sheet, and you can find full details of each shortcoming by going to the generic web site:
http://www.staffs.ac.uk/schools/business/bsadmin/staff/s3/jamr.htm clicking on the link “Avoiding common problems in your written work” and reading the detailed description of each problem that you will find there.
Very Good Satisfactory Some problems Unsatisfactory
1 2 3 4
Task Score
Depth of Analysis:
Has sufficient and appropriate information been selected and retrieved to understand and critically evaluate the business scenario. 15%
Knowledge and comprehension of the strategic marketing planning process:
Is the marketing plan coherent and does it contain full and logical content. 15%
Application of appropriate analytical tools and theoretical concepts in the marketing plan:
Has a wide range of theoretical concepts and models/tools been identified?
Have concepts and tools been effectively applied to analyse the business scenario. 25%
Critical evaluation and synthesis of numerical data to make effective analyses and justify the marketing plan:
Has an appropriate future market opportunity been identified?
assignmnet 格式 Has a distinct customer focus been identified?
Have objectives, strategy and outline marketing mix been closely linked to prior analysis.
Have implementation and control issues been addressed.
Has a critical evaluation of the analytical tools/models been made? 35%
Communication and presentation:
Has the plan been presented in an appropriate business report format?
Has Harvard Referencing been used effectively.
Has a Bibliography been included?
Has the Appendices been used effectively 10%
Comments
Advice Note: The comments and overall assessment above are tentative only and may be subject to both internal and external modification by other assessors. Consequently they may not reflect the final grade assigned to your work by any relevant Award board.
Please note that your final grade may go up or down
Briefing Document 3
COMPANY INFORMATION
House of Fraser is a department store group with 62 enviable locations across the UK and Ireland. As one of the best known names on the high street, House of Fraser has presented customers with an unrivalled nationwide department store for more than 150 years. The company was acquired by the Highland consortium in November 2006 marking the beginning of an exciting new chapter in its history.#p#分页标题#e#
Renowned for its designer brands and exclusive collections, House of Fraser offers luxurious items at affordable prices. From beauty essentials to home accessories, the premium department store strives to offer its customers an enjoyable and pleasant shopping experience both, online at www.houseoffraser.co.uk and in store.
Facts and figures
• 62 stores in the UK & Ireland
• 5 million sq ft selling space
• Annual sales in excess of £1.25bn
• Transactional website launched in September 2007
• Multi-channel Wedding List service launched September 2008
• 1 million account card customers
• 6,500 House of Fraser staff & 10,000 concession staff
Source: www.houseoffraser.co.uk
Briefing Document 4
HOUSE OF FRASER CORPORATE SOCIAL RESPONSIBILITY POLICY
“OUR RESPONSIBILITIES”
We offer a wide range of goods encompassing clothing, home furnishings, gifts, cosmetics, footwear and food. To create and produce this range of products most suppliers (including ourselves) have their own complex supply chains and we aim to understand the diverse components within them. We are committed to ensuring that both we and our suppliers continuously look at ways of improving working standards and the effect we and they have on the environment.
Our Responsible Buying Policy gives due consideration to:
• People & Culture
• Labour & Human Rights
• The Environment
• The Community
PEOPLE & CULTURE
Both our customers and staff are extremely important to us.
The majority of our stores are Disability Discrimination Act compliant and where our older stores could not be adapted to suit all of our customers, our staff are trained to provide our disabled customers with personal assistance where the store prevents a disabled customer full access.
We also have hearing loops in place at tills indicated with a hearing loop sign.
We are an equal opportunities employer and we are committed to ensuring that no employee or applicant is treated less favorably on the grounds of race, religion, gender, ethnic origin, disability, or sexual orientation.
LABOUR & HUMAN RIGHTS
We acknowledge the importance of responsible sourcing and the promotion of fair and safe working conditions within our supply chain and have introduced various policies and green practices to ensure our products in store reflect our stance.
THE HOUSE OF FRASER ETHICAL SOURCING POLICY ('ESP')
The ESP recognises the complexity of our supply chain, diversity of product lines and the global citizens that produce them. Our approach is therefore realistic, objective, and geared towards continual improvement. Our intention is to promote high ethical standards within our supply chain without imposing unachievable conditions, which may be counter productive to the workers and supplier’s interests or which may encourage dishonesty. Instead we aim to understand the diversity of our supply chain, embrace local cultures, and through our trading relationships, support livelihoods.#p#分页标题#e#
All manufacturing and processing units are subject to random factory compliance monitoring. New suppliers are required to complete a self-evaluation assessment on their sourcing principles and production capabilities, followed by an audit against our ESP.
Our ESP is founded on, and will comprise, the following principles:
1. Forced Labour
2. Health & Safety
3. Wages & Benefits
4. Working Hours
5. Child Labour
6. Equal treatment
7. Freedom of Association
8. Discipline
Read the full House of Fraser Ethical Sourcing Policy here.
FAIRTRADE
The Fairtrade Foundation seeks to improve the position of poor and marginalised producers in the developing world, by encouraging industry and consumers in the United Kingdom to support fairer trade.
The Fairtrade Mark is awarded to producers of a wide range of products that meet a clear set of internationally recognised standards. Monitoring systems are in place to ensure that the Fairtrade principles and criteria are met and that individual producers benefit from the trading terms.
Only products licensed by the Fairtrade Foundation can carry the Fairtrade Certification Mark. Currently we stock Christy fairtrade cotton towels but there are more exciting products to come.
THE ENVIRONMENT
Our responsible buying policy aims to embrace the key characteristics of an environmentally responsible business by sourcing environmentally friendly products where possible.
ANIMAL WELFARE
House of Fraser remains committed to improving animal welfare standards on all product areas within the business. Suppliers are required to take responsibility for the standard of animal welfare within their supply chain and are encouraged, where practical to implement industry best practice standards.
House of Fraser discourages the use of cruel practices in the procurement of any animal product.
ANIMAL FUR
We have a strict no-fur policy and will not accept any non-food animal products unless they are a by-product of the meat industry.
ANIMAL TESTING
We do not test or ask our suppliers or any other organisation to test our private label products on animals.
ENDANGERED SPECIES
We do not knowingly source or sell products or ingredients from endangered species – We support CITES (Convention on International Trade in Endangered Species of Wild Fauna and Flora) which is an international agreement between governments. Its aim is to ensure that international trade in specimens of wild animals and plants does not threaten their survival.
We understand the concerns of animal welfare groups and our customers and on the occasion where we do sell a product or ingredient that may prove controversial, we ensure that the supplier only uses farmed sources and provides a CITES certificate before we buy the product or ingredient.
ORGANICS
Organic standards require organic farms to be managed in a way that produces healthy food and produce, while also caring for the welfare of farm animals and the environment.#p#分页标题#e#
Organic farming delivers a wide range of benefits:
Working in balance with natural systems;
Consideration for the wider social and ecological impact of farming systems;
The encouragement of existing biological cycles involving flora, fauna, plants and animals; and
careful attention to animal welfare.
Current organic products can be found in:
• Various products across our Linea range
• Aveda cosmetics
• Organic Apoteke cosmetics
• Green Baby and Po.p. Childrenswear, and
• Boaters Coffee gift products, with more exciting products to be introduced.
PACKAGING & SIGNAGE
We provide free carrier bags for our customers to take their purchases home in, however, in order to reduce the demand for bags all customers are asked if they require a bag when making a purchase.
Our everyday bags are produced using recycled paper and are 100% recyclable themselves. Only water based inks are used and the bags are printed and produced in the UK thereby reducing our carbon footprint by using fewer transport miles.
Our luxury carrier bags are made using paper from managed forests. They are weatherproof and are designed to be durable and re-usable. The luxury carrier bags available in our Dundrum, Eire store are unlaminated in order to comply with Irish regulations, and are also 100% recyclable.
Our polythene sale bags are composed of 25% recycled polythene in line with the Department for Environment, Food and Rural Affairs retailer's initiative to reduce the environmental impact of carrier bags by 25% by the end of 2008.
The signage used throughout our stores is produced on 75% recycled material and does not have a laminated finish. We ask our stores to re-use signage wherever possible so as to reduce cost and waste and we encourage our concession partners to follow the same policy wherever possible.
You will find the recycle sign on any of our packaging produced in this way and we will soon be introducing 'Bags for Life'.
Source: House of Fraser (Stores) Limited, Report and Financial Statements, For the 52 weeks ended 26 January 2008
Briefing Document 5
Business review and future developments
Gross transactional value of the Company for the 52 weeks ended 26 January 2008 of £917.4 million (2007: £917.0 million). The earnings before interest, tax, depreciation and amortisation (and before http://www.ukassignment.org/daixieAssignment/Assignmentgeshi/exceptional items) for 2007/08 was £67.5 (2007: £35.1 million). During the period, the Company refurbished 13 stores and made improvements to many others which improved the customer offer with new and extended ranges and delivered sales uplifts. In September 2007, the Company launched its transactional website www.houseoffraser.co.uk. The website offers customers over 40,000 branded and exclusive private label products available for immediate home delivery. The Company continues its programme of operational improvements and there has been series of step changes in improving the retail operations leading to reduced costs while benefiting customer service. The Company continues to concentrate on the ongoing introduction and roll out of design led, innovative and exclusive products to ensure it builds on its strong market position. #p#分页标题#e#
The Company opened two stores in Belfast (Northern Ireland) and High Wycombe in March 2008, as well as another new store in Bristol in September 2008, replacing the previous Bristol store that closed earlier on that month.
Key performance indicators
Given the straight forward nature of the business and the disclosures above, the directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the business.
Results and dividends
The Company’s profit before tax and exceptional items was £31.8 million (2007: £4.6 million loss) before charging exceptional items of £18.9 million (2007: £118.9 million). Exceptional items are set out in note 4 of the accounts. The Company’s profit after taxation for the period is £8.2 million (2007: £89.3 million loss). No interim dividend was paid (2007: £nil). The directors do not propose a final dividend (2007: £nil).
House of Fraser (Stores) Limited
Charitable donations
The charitable donations made by the Company and charged in the accounts were £49,068 (2007: £31,000). There were no political donations during the current or prior periods.
Prior year adjustment
Before finalising the accounts for the year ended 26 January 2008, the directors became aware that there were certain irregularities in respect of the accounting for gift vouchers. Gift vouchers have been sold to customers over a number of years with income recognition being deferred until the date of voucher redemption. Shortly after the acquisition of the Company by Highland Group Holdings Limited, the directors became aware of certain potential risks with counterfeit gift vouchers. Accordingly, the directors took action immediately to implement a new gift voucher process and system. Following the implementation of this new system a short fall in the accounting accrual for gift vouchers was highlighted.
The extent of the losses had not previously been effectively evaluated but with the new system for gift vouchers and the improved accounting controls, all redemptions (for valid vouchers or otherwise) can now be assessed more accurately.
A total adjustment of £6.4 million has been made to cover the shortfall in the gift voucher accruals in respect of earlier periods and has been dealt with by way of a prior year adjustment to correct the accounting error. Given that it is likely that the nature of the error arose from fraud or other irregularities it is not possible to specify the adjustment to operating profit by period, however operating profits of prior years are adjusted in total by £6.4 million; the respective taxation credit is £1.9 million.
Source: House of Fraser (Stores) Limited, Report and Financial Statements, For the 52 weeks ended 26 January 2008
Briefing Document 6
STORE INFORMATION
• LONDON
o Bluewater, Croydon, Epsom , London City, London Oxford Street , London Victoria , London Westfield, Richmond, West Thurrock Lakeside #p#分页标题#e#
• SOUTHERN
o Bath, Bournemouth , Bristol, Camberley, Cardiff, Cheltenham, Chichester , Cirencester, Cwmbran, Exeter, Guildford , High Wycombe, Maidstone, Milton Keynes , Norwich, Plymouth , Reading The Oracle
• MIDLANDS/NORTH
o Altrincham, Aylesbury (Beatties), Birkenhead (Beatties), Birmingham, Burton (Beatties), Carlisle, Darlington, Doncaster, Dudley (Beatties), Gateshead Metro Centre, Grimsby, Huddersfield (Beatties), Hull , Leamington Spa, Leeds, Lincoln, Manchester, Middlesbrough, Northampton (Beatties), Nottingham, Sheffield Meadowhall, Shrewsbury, Skipton, Solihull (Beatties), Sutton Coldfield, Telford, Wolverhampton (Beatties), Worcester
• SCOTLAND
o Edinburgh
o Edinburgh (Jenners)
o Glasgow
o Loch Lomond Shores (Jenners)
Source: www.houseoffraser.co.uk
Briefing Document 7
Recent Press coverage
“House of Fraser insists it is in healthy shape”
• Julia Finch, City editor
• guardian.co.uk, Thursday October 16 2008 18.20 BST
• Article history
House of Fraser says it 'has all the funding in place to operate successfully'. Photograph: PR
Department store House of Fraser, part owned by troubled Icelandic retail investor Baugur, is insisting it is not short of funds and would consider buying Baugur's stake if the shares are put up for sale.
The retail chain, which has 65 stores and more than 8,000 staff, is 35% owned by Baugur. The retail specialist used loans from collapsed bank Kaupthing, which has now been taken over by the Icelandic government, to buy the stake.
There has been speculation that some of the stores in the Baugur/Kaupthing empire are under increasing financial pressure. Last week, the All Saints fashion chain, which has 70 stores and 465 staff and is also part of the Baugur empire, temporarily lost its revolving credit facility and had to scramble to get its credit line restored.
But House of Fraser issued a statement, saying it was in good financial shape: "We would like to emphasise that House of Fraser has all the funding in place to operate successfully. We have minimal exposure to the tragedy that is happening in Iceland. However, should any of the debt or the minority shareholdings in House of Fraser be put up for sale, we will examine it on a case by case basis.
"With the quality of the business and what we have achieved to date, we have always had parties approach us trying to be part of the act. That has not changed. Our responsibility is to the long term future of the business and our employees, and we will always act in their best interest."
The HoF comments came just a day after a similar statement was issued by Mosaic - the group behind Oasis, Karen Millen, Warehouse, Principles and Coast, which is owned 49% by Baugur and 20% by Kaupthing's private equity division. The Mosaic group operates more than 2,000 stores and employs 13,000 staff.#p#分页标题#e#
Its chief executive Derek Lovelock said Mosaic "does not require saving". He added that the group had "sufficient funding in place to meet all foreseeable obligations" and the directors were "examining all potential avenues to secure long term funding".
Private equity investor John Moulton, of Alchemy Partners, has been in contact with Mosaic and House of Fraser to express and interest in buying the businesses.
Billionaire Sir Philip Green, meanwhile, is still attempting to acquire Baugur's debt, which could give him effective control of the entire Baugur empire, which also includes Whistles, Jane Norman, the Iceland supoermarket group, Hamley's, Wyevale Garden Centres and the Goldsmiths, Mappin & Webb and Aurum jewellery businesses.
He faces competition from other private equity groups, including the UK's Permira and US-based Texas Pacific.
One executive close to one of the interested parties said: "The Icelandic government is trying to get an auction going. But the whole thing is bogged down in committees."
Another source close to the negotiations with the Icelandic authorities said there was unlikely to be a quick deal: "It is a very complex situation. We are trying to disentangle who owns what and where, and find out who really calls the shots."
Source: www.houseoffraser.co.uk
“House of Fraser says it would buy Baugur stake”
• Julia Finch, city editor
• The Guardian, Friday October 17 2008
• Article history
House of Fraser, which is part-owned by the troubled retail investor Baugur, insisted yesterday that it was not short of funds and said it would consider buying Baugur's stake if the Icelandic firm's shares were put up for sale.
Baugur owns 35% of the retail chain, which has 65 stores and more than 8,000 staff. The retail specialist had used loans from the collapsed bank Kaupthing to buy the stake.
In recent days there has been speculation that some of the stores in the Baugur/Kaupthing empire are experiencing increasing financial pressure.
Last week the All Saints fashion chain, which has 70 stores and 465 staff, and is also part of the Baugur empire, temporarily lost its revolving credit facility and had to scramble to get its credit line restored.
But House of Fraser is, according to its own statement, in good financial shape. The retailer said: "We would like to emphasise that House of Fraser has all the funding in place to operate successfully. We have minimal exposure to the tragedy that is happening in Iceland.
"However, should any of the debt or the minority shareholdings in House of Fraser be put up for sale, we will examine it on a case-by-case basis ... Our responsibility is to the long-term future of the business and our employees, and we will always act in their best interest."
The company's comments came just a day after Mosaic, the group behind Oasis, Karen Millen, Warehouse, Principles and Coast, which is owned 49% by Baugur and 20% by Kaupthing's private equity division, issued a similar statement. Its chief executive, Derek Lovelock, said Mosaic did not "require saving". #p#分页标题#e#
The Mosaic group runs more than 2,000 shops and employs 13,000 staff.
The private equity investor John Moulton, of Alchemy Partners, has contacted both Mosaic and House of Fraser to express interest in buying them.
Meanwhile, Sir Philip Green is still trying to acquire Baugur's debt, which could in effect give him control of the entire Baugur empire - which also includes Whistles, Jane Norman, the Iceland supermarket group, Hamleys, Wyevale Garden Centres, Goldsmiths, Mappin & Webb, and Aurum. He faces competition from other private equity groups, including Permira, and Texas Pacific.
One executive said: "The Icelandic government is trying to get an auction going. But the whole thing is bogged down in committees."
“Banking woes haunt Ghost”
• Zoe Wood and Sarah Butler
• The Observer, Sunday October 19 2008
• Article history
Fashion label Ghost has warned it could go into administration as the collapse of the Icelandic banking system continues to reverberate through the retail sector.
An estimated 22 UK retailers, including Baugur-backed House of Fraser and Hamleys, are caught in a Gordian knot created by the Icelandic government's decision to nationalise its three largest banks - Kaupthing, Landsbanki and Glitnir. In a fresh twist Ernst & Young, which is on standby as administrator for Landsbanki's UK assets, is trying to sell the commercial finance arm that provides asset-based lending to retailers such as Borders.
The banking crisis has toppled Baugur's highly leveraged retail empire - with investments such as Mosaic Fashions, owner of Karen Millen and Oasis, in talks with potential new backers. House of Fraser chairman Don McCarthy and Sir Tom Hunter would increase their shareholding in the chain if the Icelandics had to exit.
Sir Philip Green and Jon Moulton are among those vying for the group's estimated £2bn debt pile, held by the Icelandic banks. However, the Icelandic government wants more than 50p in the pound - more than bidders are willing to pay. At the same time, unravelling the web of cross-holdings held by Baugur and the banks is proving complex, with Moulton saying any deal could be months away.
Ghost, which is co-owned by Baugur associate Kevin Stanford and Icelandic investment fund Kcaj, has posted a notice of intent to file for administration. The fashion brand, founded by designer Tanya Sarne, made a loss of almost £2m last year. The document gives management 10 days to find a buyer.
Source: www.houseoffraser.co.uk
Ethics ApprovalIn general any proposal which: involves human or animal participants, their ‘products’ (e.g. body samples, written records, etc); has a direct impact on individuals (e.g. research that will evaluate imposed changes to people’s working environment), or uses contemporary material that may implicate living subjects or organisations; will need ethical approval. Such research activity cannot be ‘disclaimed’. For these projects the University requires all students, staff and supervisors to apply for Ethical Approval using the fast track approval form or, if appropriate, the full ethical approval application form.#p#分页标题#e#
Only where there are no ethical implications should the disclaimer be signed. The signing of the disclaimer implies that ethical principles have been reviewed in relation to the ‘proposed’ work and no assignmnet 格式 issues have been found to apply to the research ‘proposal’. In these cases research may then proceed. Please note that no research should be embarked upon until approval has been granted or a disclaimer has been submitted.
For students, where ethics approval is deemed necessary (i.e. the Disclaimer Form has not been signed) the Fast Track Ethical Approval Form must be signed by the student, their supervisor, and one other member of academic staff. The form should then be lodged with the Business School’s Ethics Committee Secretariat (c/o Helen Ascroft). Copies of completed and approved forms may be retained by the student/supervisor as deemed appropriate for the module/project/award. All ethics approval forms and disclaimers are subject to quality audit.
For staff, only their own signature is sufficient (see appropriately headed ‘staff’ fast track form). A copy of the form should however also be sent to the Chair of the Faculty Ethics Panel.
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