// Frasers Group announces the start of a £70m shares spending spree
// The plan is to reduce the number of shares in circulation
// The spending will start now and run until 24 April next year
Mike Ashley’s Frasers Group has announced a £70 million spending spree to buy up stock in the company in an effort to strengthen its share price.
The group, which owns House of Fraser and Sports Direct, said the plan is to reduce the number of shares in circulation.
The spending will start now and run until 24 April next year, after the company recently spent £60 million on shares.
READ MORE: Frasers Group secures almost £1bn in funding
Ashley, the company’s largest shareholder with a 68% stake, is expected to benefit the most.
Shares ended last week at 732.5p, giving Ashley a fortune worth £2.4 billion.
Earlier this month, Frasers Group refreshed its bank loan facilities and secured nearly £1 billion.
The new facility – which is valid for three years – will provide the retail empire with credit facilities and borrowing £930 million to support its ongoing growth ambitions.
The growth plans will see Frasers investing significantly across its portfolio of retail fascias and digital platforms, with the vision to serve consumers with the world’s best sports, premium and luxury brands.
Click here to sign up to Retail Gazette’s free daily email newsletter
