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Sports Direct parts company with Credit Suisse

Sports Direct has ended its relationship with corporate broker Credit Suisse less than 18 months after it helped with its £930 million floatation.

The bank has been replaced by Kaupthing Singer & Friedlander, a smaller brokerage with close links to Icelandic investment giant Baugur. Merrill Lynch, which also helped with the Sports Direct float, will remain broker to the company.

Shares in Sports Direct, run by entrepreneur Mike Ashley, have lost a third of their value since the group's initial public offering in February 2007.

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