Sport’s Direct chief executive Mike Ashley’s bid to become chair of express gifts retailer Findel has failed, after the home shopping group decided not to appoint him to the role.
At its annual general meeting today, Findel also revealed a 5.3 rise in sales.
Earlier this month, the company began negotiations with Sports Direct around a possible commercial supply agreement and a proposal that its chief executive be appointed chairman.
Findel confirmed today that Ashley would not be appointed chairman.
In addition, it said that as a result of the delays to the appointment, outgoing executive chairman David Sugden – who was initially meant to hand over the leadership to someone else at the AGM – will remain in the role until they find a new replacement.
Findel stated that while it believes “there is merit in a commercial supply agreement”, Sports Direct were reportedly “unwilling to take this forward until the role of Mike Ashley on the Findel board is clarified”.
In March, Ashley raised Sports Direct’s stake in Findel to nearly 30 per cent – almost enough to which it would have to table a formal bid.
Findel has said negotiations between both parties are continuing.