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Sports Direct ups stake in Findel

Sports Direct has increased its stake in home shopping retailer Findel to 29.8%.

Findel

If the stake reaches 30%, Mike Ashley’s sportswear chain will be required to make an offer for Findel.

Sports Direct first acquired a 18.9% share in Findel in September 2015. It was thought his interest in the group was largely focused on its replica football strip business Kitbag.

The following December, Sports Direct unsuccessfully attempted to appoint a representative to Findel’s board at an extraordinary general meeting

Findel sold Kitbag to Fanatics UK Holdings, a newly formed subsidiary of US licensed sports merchandise firm Fanatics, in February.

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