A London-based investment giant has taken a 10% stake in online electricals retailer AO.
Odey Asset Management now has a 10.3% holding in the Bolton-headquartered company.
The move, revealed in documents filed with the London Stock Exchange, means the firm is AO's third largest shareholder behind CEO and founder John Roberts and Camelot Capital Partners.
READ MORE: A O's turbulent year explained as millions wiped off share price
Odey Asset Management has previously held shares in AO but sold them during the year.
Mr Roberts remains AO's largest single shareholder, with a stake worth more than 22%.
Camelot Capital Partners, which is based in the US, is second with a 16% holding.
The move comes after AO suffered a turbulent year, posting eye-watering sales and profits figures but seeing millions wiped off its value as its share price continued to plunge since January.
The company's shares started the year priced at 433p, the highest they have ever been worth since it floated in 2014.
The group's share price had been on an almost constant uptick since April 2020, helped by the UK shifting to online sales because of the Covid-19 pandemic.
However since the high point in January this year, AO's shares have been on the down turn and, following a further decline this week, are now being traded at about 96p.
The pandemic has had a dramatic impact on AO's finances, helping to drive its revenue by more than 60% to over £1.6bn during the 12 months to March 31, 2021, while its pre-tax profits surged by almost 2,000% to £20.2m.
