Frasers Group enlists Mike Ashley as consultant

Frasers Group has appointed its founder and former director Mike Ashley as a consultant, following a number of recent business moves by the company.  

Ashley stepped down as a director of Frasers Group last year, when he promoted son-in-law Michael Murray as CEO.

However, he will now re-join the company to advise on supply chain and operations, according to The Sunday Times.

The news outlet said that although Ashley will not be paid for his consultancy services, the unconventional agreement is likely raise concerns that he is acting as a “shadow director”.

Frasers Group is understood to have taken legal advice to ensure it adheres to good governance practice with the consultancy arrangement.

Ashley, who owns over 70% of the retail group, rejoins the business following a number of recent investments.

Earlier this month, the group increased its stake in ASOS to 10.6% and purchased a 5% stake in Boohoo. It has also recently invested in electrical goods retailers AO World (18.9%) and Currys (9%).

The Sunday Times also reported that Frasers Group, which also owns shopping centres in Luton and Dundee, is looking to snap up a selection of outlet centres.