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Mike Ashley funds £200m London development

Sports Direct founder Mike Ashley has reportedly backed a deal to redevelop a £200m storage development in Chelsea.

The Clearings, which was owned by John Lewis, has planning permission for a residential development which includes 62 flats and seven townhouses, according to The Telegraph.

The site has been bought by developers Citygrove and McLaren but Ashley will make hundreds of millions of pounds from the deal as the development will be worth £900m when it is finished.

Profits for Ashley’s holding company Mash Holdings more than doubled from £256m to £543m in the year to April 30 2014.

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