Ashley's new bargain basement

Newcastle United owner Mike Ashley has set up a £1 shop in the former Burberry headquarters in London’s West End, despite budget retailer TK Maxx being blocked from opening nearby. The former up-market building is now plastered with “sports clearance” signs. It is believed Ashley’s Sports Direct chain is using the store to clear old stock. Ashley snapped up the site from his business associate Paul Kemsley, after Kemsley’s property firm Rock Investments collapsed two weeks ago.