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Sports Direct increases stake in Debenhams

Mike Ashley’s Sports Direct has acquired an additional 4.6% stake in Debenhams for £33m.

The sportswear retailer, which has already agreed concessions in four Debenhams stores, now has an 11.2% interest in the department store chain, after it acquired a put option on a 6.6% stake for £64m in January.

Earlier that same month, Sports Direct bought a 5% stake in Debenhams for £50m, only to sell it days later for a £5m profit.

The retailer did not comment on rumours that it may seek to purchase Debenhams outright. In a statement published on its website last night, it said: “As previously announced, Sports Direct is already working together with Debenhams and looks forward to building this relationship.”

Last week, Sports Direct entered into a put option agreement covering 23 million shares in Tesco, the equivalent of a 0.3% stake.

Readers' comments (2)

  • Shame he can't sort out his football club!

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  • Yawn !

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