Sports Direct has bought an 18.9% stake in home shopping business Findel, which owns online branded sports retailer Kitbag.
Sports Direct founder Mike Ashley was said to have been interested in acquiring Kitbag, which sells replica football strips for major teams, when Findel announced it was looking into options for the retailer’s future in October last year.
However, in May of this year, Findel decided not sell Kitbag following a strategic review.
Sports Direct has now acquired 16,361,597 direct shares in Findel.
In a seperate twist, Findel has received a fresh approach for Kitbag from an undisclosed third party. It has agreed terms for a potential sale, subject to conditions, but said there is “no certainty a deal will be reached”.
For the year to March 27, Findel reported annual sales of £481.4m and pre-tax profit of £26.5m.