USC and Cruise Clothing Chairman Sir Tom Hunter has bought a significant stake in retailer Sports Direct, it was revealed today.
At 255p per share the 392,156 shares purchased by Hunter total just under £1 million as an investment and follow the sale of around £500,000 worth of stock each by Sports Direct directors Robert Mellors and David Forsey.
Hunter’s acquisition comes after USC and Cruise Clothing were taken over by Sports Direct in early July, with Hunter retaining the chairmanship and a 20 per cent stake in each brand.
The total percentage ownership of Sports Direct now held by Hunter is only a tiny 0.28 per cent, but the purchase reveals a further motivation for him to sell the brands previously owned by him.
Following the USC and Cruise Clothing deal Hunter said: “I’ve known the Sports Direct team for many years and have huge respect for their talent and look forward to co-investing with them.”
It had already been confirmed that Hunter, who recently sold shoe specialist Office for around £150 million, would offer strategic guidance to the sports retailer’s new Premium and Luxury Lifestyle division.
Along with Hunter’s investment, Sports Direct also confirmed today that non-executive Chairman Keith Hellawell slightly reduced his stake in the company to 0.022 per cent, whilst Claire Jenkins, another non-exec, acquired 20,000 shares to bring her ownership up to 0.003 per cent.