House of Fraser, the chain of 61 department stores, is to be acquired by a consortium led by Baugur of Iceland for £351m. Other members of the consortium include the Bank of Scotland and FL Group, the Icelandic investment company. Baugur said that the 148 pence per share cash offer represented "good value" in the light of current challenging conditions on the High Street. Baugur already owns a number of other high street brands such as Whistles, Karen Millen, Coast and Oasis, but the acquisition of House of Fraser is set to be its biggest buy yet. The deal is expected to be concluded by November.