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Department StoresEconomy

House of Fraser Boss wants Theresa May to give ‘clearer Brexit signal’

The billionaire owner of House of Fraser has called on the Prime Minister to provide a “definite signal” on what type of Brexit deal she wants.

Ahead of Theresa May’s visit to China, Yuan Yufai said it was important for the UK government to reassure people.

Yufai is the owner of House of Fraser’s parent company Sanpower, who also own Fujitsu Electronics and the Brookstone company in the US.

The department store employs over 17,000 people across the UK and as such as a major employer in the UK, Yufai has a vested interest to the outcome of May’s Brexit negotiations.

Yufai, who has owned House of Fraser for four years and has expansion plans for the retailer in China, told the BBC that although he had “confidence” Brexit would “not be too bad” for the UK economy, he needed a stronger signal from May.

Yufai also added that China could “open up more” to the UK soon when asked about the restrictions to its markets from foreign companies that China has imposed.

Both the UK and Chinese governments maintain that this is still a golden era in relations between them.

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