Sanpower House Of Fraser purchase 'shows ambition'

Once again a world- famous brand has been surprisingly snapped up by a relatively unknown Chinese company. This time it is Nanjing-based Sanpower Group which launched a successful ￡450 million ($750.47 million) takeover of House of Fraser, one of Britain's best-known retail store brands.

Sanpower's audacious strike follows takeovers of British companies by China's increasingly ambitious and acquisitive private sector.

Manganese Bronze Holdings Plc, manufacturer of London's black cabs, was bought by China's Zhejiang Geely Holding Group Co Ltd for ￡11m last year while Chinese companies now also own Gieves & Hawkes, the Savile Row tailor founded in 1771, luxury yacht firm Sunseeker International Ltd and breakfast brand favorite Weetabix Ltd.