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Mike Ashley’s Frasers Group ups Boohoo stake yet again

Mike Ashley’s Frasers Group has strengthened its position as the largest single shareholder in Boohoo again.

According to a new filing with the LSE, Ashley’s retail giant has increased its stake in the fast fashion group from 21.4 per cent to 22 per cent.

The increase is the latest of numerous incremental increases in recent months. Frasers first bought into Boohoo with around a five per cent share last June, and became the largest shareholder in Boohoo when it upped its stake to 13.4% in October

The latest purchase means Frasers Group’s stake now stands at almost 10 per cent higher than that of Boohoo co-founder and previous majority shareholder Mahmud Kamani, who holds 12.5%.

Boohoo’s revenue fell from £882.4m to £729.1m while its pre-tax losses widened from £15.2m to £26.4m in the first half of the current year. Its next full-year accounts are due to be published on the LSE in May.

The fashion giant has also been caught up recently in an ongoing spat with the board of Revolution Beauty, where it is the major shareholder and claims of poor business practices and supplier treatment, most recently in a November BBC Panorama documentary.

Frasers CEO Michael Murray sparked takeover speculation last year when he described the group’s investments in Boohoo, as well as ASOS, Currys and AO, as “mid-flight” to The Telegraph.

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