Sports Direct accounts probe announced by watchdog November 28, 2016 The accountancy watchdog has today launched an investigation into Sports Direct, probing into claims surrounding the relationship between the retailer and a firm run by chief exec and founder Mike Ashley's brother. In particular, the Financial Reporting Council (FRC) is taking a closer look at the accounts for the 52 weeks to 24 April and whether [...]
Summoning Sports Direct’s Mike Ashley before MPs is further evidence of select committee arrogance – and it’s to all our detriment April 4, 2016 I’m not a great fan of the way Mike Ashley runs Newcastle United, but I would defend his right to refuse to attend the Business, Innovation and Skills select committee. Ashley has excused himself on a number of occasions from meeting the committee, and its members are now considering whether to compel him, under threat [...]
Sports Direct ditches controversial Mike Ashley loan facility over “unjustified criticism” February 26, 2016 It seems Mike Ashley's feelings have been hurt. Sports Direct has said it will no longer draw on a loan facility provided to it by Ashley, its founder. In an unusual statement this morning, the company said although it expects its borrowing requirements to be "consistently in excess" of the £263m it has drawn on [...]
Findel dashes Mike Ashley’s hopes after selling Kitbag to American buyer February 2, 2016 Findel has offloaded its replica football shirt business Kitbag to an American firm for £11.6m, putting an end to Mike Ashley’s hopes of buying the subsidiary. The home shopping retailer said it has completed the sale to Fanatics, a US sportswear firm, more than a year after putting the sports strip retailer on the market. [...]
MoD strikes £271m Wildcat helicopter deal saving “hundreds of jobs” January 9, 2017 The Ministry of Defence (MoD) has announced a £271m deal with Leonardo Helicopters to safeguard around five hundred jobs, the majority of which will be in Yeovil. The five-year deal will deliver a range of support and training services for the UK's fleet of 62 AW159 Wildcat helicopters, used by the Royal Navy and Army Air Corps. [...]
MPs run out of patience with Sports Direct boss Mike Ashley, ordering him to attend a hearing on 7 June March 15, 2016 MPs have given up waiting for billionaire Sports Direct boss Mike Ashley to set a date for a scheduled appearance to discuss the controversial sportswear retailer's treatment of its employees. They've commanded him to appear at a hearing on 7 June. The Business, Innovation and Skills (BIS) select committee of MPs want to quiz Ashley over recent media [...]
Sports Direct’s share price falls after retailer clarifies Mike Ashley’s “in trouble” comments saying earnings will come in at bottom end of expectations March 23, 2016 Sports Direct has been forced to issue a clarification, confirming that the retailer's adjusted EBITDA will come within the expected range, after comments made by founder and majority shareholder Mike Ashley yesterday. Ashley – who is notoriously private and rarely speaks to the press – yesterday gave an interview with The Times in which he said the [...]
Sports Direct may sell famous brands in bid to become more upmarket January 8, 2017 Sports Direct is looking into selling several of its brands as part of its bid to become the “Selfridges of Sports”. Founder Mike Ashley’s mission to turn the company’s standing around and to make Sports Direct more upmarket has reportedly progressed to ditching brands no longer deemed relevant to the UK market. According to sources, [...]
Shareholder advice group Pirc and Aberdeen Asset Management call for Sports Direct chairman to be axed January 3, 2017 Shareholder advice group Pirc has called on investors to drop Sports Direct's chairman in a vote on Thursday. Aberdeen Asset Management has also backed calls for chairman Keith Hellawell to go. Read more: Sports Direct chairman: I have dealt with killers, I can survive board heat Hellawell faces expulsion after the majority of the retailer's independent [...]
From Brexit to Trump, interest rates to the steel crisis, these are the pictures that defined business in 2016 December 28, 2016 Let's face it, a lot's happened this year. 2016 was the year that brought us surprise, seismic political changes, pushed commodities markets through yet more turbulence and took down another stalwart of the British high street. @afneil If you're at a Quiz in the future and the question starts 'Which year did . . ' [...]