Frasers Group prepares for £200m write down on freehold properties

Shirebrook retail giant Frasers Group says it will suffer a £200m write down on its freehold properties when it announces its full-year results to the end of April 2021.

The company, formerly Sports Direct, says it anticipates making material accounting non-cash impairments to freehold properties, other property, plant and equipment, and IFRS 16 Right of Use assets.

Frasers Group issued a statement this morning complaining that further Covid-19 restrictions are “almost certain” after Government advisor pronouncements regarding “third waves” and normality being “some way off”.