Mike Ashley’s Frasers Group has upped its stake in Bolton electricals retailer AO again.
Frasers Group first invested in AO earlier this month when it acquired the £75m stake previously held by Odey Asset Management.
That deal was worth just under 19 per cent of the listed company. A few days later, Frasers Group increased its holding to just over 21 per cent.
A newly-filed notice with the London Stock Exchange now reveals that the group has upped its stake in AO further, to more than 22 per cent, strengthening its position as AO’s largest shareholder.
The next biggest shareholder in AO is Camelot Capital Partners, with 20.4 per of shares, while founder and CEO John Roberts has a stake of around 18 per cent.
Frasers, historically a traditional retail business whose flagship brands include House of Fraser and Sports Direct, has been steadily increasing its online portfolio over recent months, most recently taking a five per cent stake in Manchester fast fashion giant Boohoo.
On the electricals side, Frasers last week announced it had acquired a nine per cent stake in high street and online seller Currys.
AO shares have been on the up since Frasers first invested in They stood at just over 85p this morning, having peaked at 90p last week, compared to 63p prior to Frasers’ arrival, and representing a valuation of close to half a billion pounds.