Opposition to Mike Ashley builds ahead of Sports Direct meeting August 29, 2019 A third proxy adviser has today recommended shareholders attempt to oust Mike Ashley at the upcoming Sports Direct annual meeting due to concerns about a string of controversies at the FTSE 250 retailer. Institutional Shareholder Services (ISS) has joined advisory firms Glass Lewis and Pirc to recommend that investors vote against Ashley’s re-election as a [...]
Sports Direct left looking like giant mugs as auditor Grant Thornton quits August 14, 2019 Sports Direct shares have tumbled to their lowest level since 2011 after it emerged that Mike Ashley’s retail empire could be left without an auditor, breaching stock market rules. The company is understood to have sought government advice over what would happen if it is unable to find an auditor after its current auditor Grant [...]
Grant Thornton quits as Sports Direct auditor August 14, 2019 Sports Direct faces being left without an auditor after Grant Thornton told the retailer it would not apply for reappointment. The decision threatens to leave Sports Direct high and dry as all of the Big Four firms have indicated they are reluctant to take on the role. The Financial Times reported that Sports Direct has [...]
Mike Ashley’s Sports Direct closes in on Jack Wills deal August 4, 2019 Retail tycoon Mike Ashley’s Sports Direct has emerged as the favourite to buy struggling fashion brand Jack Wills Sports Direct is the preferred bidder for the retailer and a deal could be struck as soon as tomorrow, Sky News reported. Read more: Mike Ashley and Philip Day in battle to buy Jack Wills Sources told [...]
Mike Ashley and Philip Day in battle to buy Jack Wills August 3, 2019 High street giants Mike Ashley and Philip Day are embroiled in a battle to takeover Jack Wills, which is on the brink of administration. The billionaires’ companies, Sports Direct and Edinburgh Woollen Mill, are the two remaining bidders for the fashion chain, according to Sky News. Read more: Majestic Wine sells brand and stores for [...]
Grant Thornton due to quit Sports Direct after €674m Belgian tax bill July 30, 2019 Grant Thornton is reportedly set to quit as Sports Direct’s auditor following unprecedented delays to the publication of the retailer’s annual results on Friday. The auditor will abandon billionaire Mike Ashley after only learning shortly before it was set to sign off on his company’s accounts that Sports Direct owed Belgian tax authorities €674m (£605m), [...]
Sports Direct hit by £605m Belgian tax bill and ‘terminal’ House of Fraser problems July 27, 2019 As Sports Direct finally released its financial results yesterday following the close of the market, Mike Ashley admitted it may have been a mistake to buy House of Fraser last year. The sporting goods retailer delayed announcing its results, which are usually released before the market opens at the start of the day, on three [...]
Mike Ashley stays silent on Sports Direct as London Stock Exchange ends trading July 26, 2019 Sports Direct was meant to deliver a delayed set of results to the City today, but trading opened and closed and the only messages to come from Mike Ashley’s retailer were three further delays. The sportswear firm failed to update the market at 7am, before telling journalists to await an update at 12pm. Read more: [...]
Sports Direct expected to post 20 per cent profit drop July 14, 2019 Sports Direct is expected to report a 20 per cent drop in profit following an acquisition spree by billionaire owner Mike Ashley. Profit before tax could slip from £152.9m to £122.06m, according to data from S&P Global Market Intelligence. Read more: Top Sports Direct executive leaves Mike Ashley’s firm Analysts said revenue is expected to [...]
Debenhams urges Sports Direct to drop legal action over restructuring plan July 8, 2019 Debenhams has urged Mike Ashley’s Sports Direct to drop its lawsuit over the department store chain’s controversial insolvency plan after a key landlord withdrew its legal action. Sports Direct has filed a complaint against the company voluntary arrangement (CVA), which will allow Debenhams to close some 50 stores in a bid to stay afloat. Read [...]