Sports Direct takes profit hit from ‘challenging’ House of Fraser acquisition December 13, 2018 Sports Direct has posted a 27 per cent drop in half-year profits today, as costs from the acquisition of beleaguered department store chain House of Fraser weighed on the group’s balance books. Shares in Sports Direct slumped 12.7 per cent this afternoon, with the retailer rushing out an urgent clarification this afternoon after Mike Ashley said [...]
Mike Ashley’s high street gamble raises more questions than it answers December 13, 2018 Ten years ago in a Mayfair casino Mike Ashley made £1.3m on a single spin of the roulette wheel. His betting exploits, like those of fellow retail mogul Sir Philip Green, have highlighted the brash billionaire’s propensity to take risks. But over the course of 2018 Ashley has been making another type of gamble, not [...]
Mike Ashley slams Debenhams for rejecting his £40m loan December 13, 2018 Retail tycoon Mike Ashley has launched a scathing attack on Debenhams today, claiming that the beleaguered department store giant has rejected a £40m interest-free emergency loan. In a letter addressed to Debenhams boss Sergio Bucher, the billionaire Sports Direct owner suggests that without the money the company "has zero chance of survival". Ashley, who controls [...]
Mike Ashley calls for online sales tax to revive high street December 3, 2018 Sports Direct billionaire Mike Ashley has urged the government to tax online retailers as he put up a spirited defence of his own retail operation in front of MPs today. In a fiery appearance in front of a parliamentary committee the retail tycoon said “web boys” that make over 20 per cent of their retail [...]
Mike Ashley acquires Intu property despite row with retail landlord over House of Fraser stores November 30, 2018 Mike Ashley has acquired a new property from Intu despite a public bust up with the retail landlord in which he threatened to withdraw 17 of his stores from their shopping centres. The billionaire has bought a long leasehold on the former BHS site in Derby from Intu, according to the Press Association. It comes just two [...]
Retail magnate Mike Ashley prepares to give evidence about high street struggles to MPs November 26, 2018 Retail tycoon Mike Ashley is to give evidence about the woes facing the high street in front of a parliamentary committee next week after demanding an audience with MPs. Sports Direct confirmed today that the billionaire businessman is to face Westminster’s Housing, Communities and Local Government Committee for an hour-long session next Monday. The announcement [...]
Black Friday fatigue hinders much-needed boost for Britain’s retailers as year-on-year footfall drops November 25, 2018 Black Friday footfall dipped this year while e-commerce sales soared, in a stark reminder of the perils facing high street retailers under threat from online rivals as the Christmas season approaches. Retailers continued to roll out discounts to the public over the course of the weekend but the latest figures show that footfall this afternoon [...]
Ashley hits out at politicians and landlords ahead of committee hearing November 22, 2018 Mike Ashley today lashed out at politicians for failing Britain’s beleaguered high streets, as he demanded an audience with MPs in Westminster next month. The retail billionaire and Newcastle United owner, who has recently acquired House of Fraser and Evans Cycles, called on both politicians and landlords to do more to help struggling retail outlets. [...]
Evans Cycles set for closures in spite of ‘profit’ November 18, 2018 Sports Direct owner Mike Ashley is set to close a swathe of Evans Cycles stores in spite of recent suggestions that most of its outlets turn a profit. The retail magnate has warned that he might only be able to keep half of Evans Cycles stores open in the future “in order to save the [...]
Barber boom bucks high street struggles as demand for male hair grooming jumps November 18, 2018 A boom in barber shops is helping to revive the stricken high street, fuelled by the growing demand for hipster beards. Male hair grooming is now one of the fastest-growing retail sectors, as young men – especially workers in the City – care more than ever about the state of their face fuzz. The rise in [...]