Fraser cold shoulder for suitors

LONG-TERM bid favourite House of Fraser stressed its desire to stay independent amid rising sales and big plans for new stores.

Chairman Michael Wemms told the annual general meeting: 'It's best for this business to continue trading the way we are doing it.'

Several suitors - including Baugur of Iceland, Scottish tycoon Tom Hunter and Allders boss Terry Green - have been linked to Fraser.

Sales rose 0.4% not counting new space in the first 19 weeks. Profit margins are up 2.5%.

Fraser's pay report was backed by 95% of investors, despite chief executive John Coleman's inflation-busting rise to £772,817 last year. Sixties icon Mary Quant was re-elected to the board with more than 99% votes.

Six more stores are on the way, the first in Croydon, Surrey in September.