Mike Ashley's Frasers Group has doubled its stake in electrical retailer Currys. Stock market filings showed the Derbyshire-based sportswear-to-homewares group had upped its stake in the out-of-town retailer to 8.9 per cent.
Only last week Frasers – parent firm of brands such as Sports Direct, House of Fraser, Game, Sofa.com and Flannels – bought a £75 million stake in online white goods retailer AO World, which is one of Currys’ big rivals. That acquisition is understood to have included shares previously owned by crisis-hit hedge fund Odey Asset Management.
Shares in Frasers Group PLC – in which Mr Ashley has a controlling stake of about 70 per – were up marginally today at 714p, while Currys was down half a per cent at 52.66p.
