Mike Ashley increases Debenhams stake yet again

Sports Direct owner Mike Ashley who has been steadily building up an interest in Debenhams increased his stake yet again yesterday and now owns 17% of its shares.

Ashley has once again used his signature share acquisition technique of a "contracts for differences" arrangement to up his interest in the department store chain, which recently unveiled details of a turnaround plan that puts customer experience and digital as the centre of its strategy.

His intentions with Debenhams are not known - newspaper reports have suggested Ashley has positioned himself as a "supportive shareholder" - but he enjoys acquiring stakes in retailers for no apparent obvious reason. He owns a 9% stake in rival department store House of Fraser and an 11% stake in fashion retailer French Connection.

Recently Four Holdings, owner of fashion agency Four Marketing, in which Sports Direct holds a significant stake, acquired lingerie brand Agent Provocateur out of administration.