Sports Direct increases Debenhams stake to more than 20%

Sports Direct has announced this morning that it has increased its stake in department store chain Debenhams to 21% in a move which also gives it over 10% of voting rights.

Mike Ashley's group has been steadily building up a stake in Debenhams this year, having first taken an interest in the department store in 2014. It last grew its stake to 17% in May of this year.

Ashley enjoys building stakes in fellow retailers, he also holds stakes in House of Fraser and Game Digital and last month he upped his stake in beleaguered fashion retailer French Connection to 27%.

In March of this year Four Holdings, in which Sports Direct owns a significant stake, acquired luxury lingerie brand and retailer Agent Provocateur, which had been placed into administration by previous owner 3i.