// Frasers Group ups its stake in N Brown to become its second-largest shareholder behind Lord David Alliance
// The retail group has upped its holdings to 17.88%
Mike Ashley’s Frasers Group has significantly increased its stake in N Brown to become its second-largest shareholder.
The owner of Sports Direct and House of Fraser has upped its holdings to 17.88%, according to filings with the London Stock Exchange.
The move means the group is now N Brown’s second largest single shareholder, behind Lord David Alliance, who acquired the group in 1968.
The news comes after the business increased its stake in the Manchester-headquartered group late last year.
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Frasers Group has made a flurry of acquisitions over the past year, snapping up Studio Retail Group, Missguided and I Saw It First.
Earlier this month, N Brown saw sales slip to £249.2 million in the 18 weeks to the 31 December amid a “difficult trading environment”.
Sales for its JD Williams, Simply Be and Jacamo brands fell 5.5% to £120.9 million.
While sales for its heritage brands including Home Essentials and Fashion World plummeted 17.6% to £45.5 million.
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