// Frasers Group increases its stake in Currys
// It comes just days after the group revealed “strategic investments” in the electronics retailer and Boohoo
Frasers has upped its stake in Currys to 9.3% from 8.9% earlier this week.
On Tuesday, the Mike Ashley owned group unveiled “strategic investments” in both Boohoo and Currys as its acquisition spree continues.
At the time, it said its investment in Currys provides it “with a valuable opportunity to build on our foothold in the electricals industry as well as deepening the existing relationship between Currys and Studio, with the potential for further collaboration between the two.
“Through this investment, we also believe Currys will benefit from Frasers’ deep retail know-how and our sector-leading ecosystem.”
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It comes only a week after Frasers unveiled a “strategic partnership” with fellow electricals retailer and Currys rival AO World, including a 19% shareholding in the group that it increased to just over 21% later in the week.
The group operates 826 stores in eight countries and according to the filings, Frasers’ holding in Currys is via financial instruments rather than a direct shareholding.
Ashley has a controlling stake of about 70% in Frasers, formerly known as Sports Direct.
He built the group into a conglomerate that spans brands including House of Fraser, Flannels and Jack Wills. The firm also holds stakes in Asos, Hugo Boss and N Brown.
Last October, the billionaire formally stepped down as a director at the group, handing day-to-day running to his son-in-law Michael Murray.
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