// Mike Ashley is set to go to court after his £180 million stake in Debenhams became worthless
// Frasers, the group he owns a near-70% stake, is among a handful of bidders in the running to buy Gieves & Hawkes
Mike Ashley has stepped up a legal battle over the collapse of department store giant Debenhams as he makes a bid for Savile Row tailor Gieves & Hawkes.
The Frasers Group tycoon is going to court after his £180 million stake in the retailer became worthless following its collapse two years ago.
According to The Mail on Sunday, a trial over the collapse will take place in May, with Ashley’s lawyers accusing administrators at FRP Advisory of a “criminal offence” in their dealings with him.
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Ashley’s legal team have accused FRP Advisory‘s Geoff Rowley and Alastair Massey for “abusing” their powers by “stifling investigation into the affairs” of the high street retailer.
Debenhams ended its 242-year stint on the high street in 2020, resulting in 124 store closures and thousands of jobs being lost.
In May, the trial the will be the latest chapter in Ashley’s campaign following the loss of his 30% stake in Debenhams. Prior to the collapse, he repeatedly tried to take control of the firm. After the collapse he called for an independent expert to investigate the full details of the collapse.
Rights to the Debenhams brand and website was sold to online retailer Boohoo last year.
At the heart of the lawsuit is a contested settlement between the business mogul and the administrators over the purchases of fixtures and fittings in empty Debenhams stores.
Part of the agreement was that he could not sue those involved in the company’s collapse, which he says was ‘illegal and unenforceable’.
Defendants also include hedge fund, Silver Point Capital, which acquired Debenhams in 2019.
Meanwhile, Frasers Group is understood to be among a handful of bidders in the running to buy Savile Row tailor Gieves & Hawkes.
The formalwear brand is up for sale after its Hong Kong-based owner collapsed. Sky News reports that Fraser and “a small number of other parties” are expected to lodge revised bids for the retailer this week.
It if wins the race, it will be the fourth big retail acquisition that Frasers has snapped up this year after it bought Studio Retail, Missguided, and ISawItFirst.com.
Fraser Group – which includes House of Fraser – has thrived and this week is due to join the FTSE100 for the first time in six years.
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