Thursday, September 21, 2017

Sports Direct ups stake in Debenhams

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Sports Direct has ramped up its strategic investment in department store giant Debenhams.

According to regulatory filings the sportswear retailer, known for securing stakes in its rival companies, has upped its stake in Debenhams from 13.38 per cent to 16.09 per cent.

The shares were not purchased outright, instead Sports Direct has “options in stock” which allows it to buy share at a future date.

Mike Ashley’s investment drive has seemingly increased recently, seeing Sport’s Direct buy up an 11 per cent stake in the struggling French Connection chain as well as acquiring lingerie brand Agent Provocateur.

Share prices at Debenhams have dropped significantly since last year, now standing at 54.40p per share down from 81.55p last April.

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