A Swiss investment giant has doubled its stake in an online retail group, whose largest shareholder is Mike Ashley's Frasers Group.
Lombard Odier Asset Management has increased its holdings in Lancashire-headquartered Studio Retail Group from 4.99% to 10%, according to documents filed with the London Stock Exchange.
The Lombard Odier Group is an independent banking group based in Geneva.
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The move to increase its stake means it is now the third largest shareholder in Accrington-headquartered Studio Retail Group.
The largest remains Frasers Group with 27.1%, which is behind the likes of Sports Direct and House of Fraser, while Schroder Investment Management is in second place with a stake of 19.2%.
The investment comes after Frasers Group decreased its holdings in Studio Retail Group from nearly 36% earlier this year.
Studio Retail Group is still looking for a buyer after being put up for sale at the end of 2020.
At the time, Studio Retail Group said the move was part of a strategic review - after Frasers said the group was "misunderstood by the market and as a consequence, significantly undervalued".
Frasers has previously attempted a £139m takeover of the firm in 2019.
Studio Retail said in December 2020 that the move also had the support of its second largest shareholder, Schroders.
Studio Retail sells fashion, homeware and gifts on its Studio.co.uk website, but it is also the second largest supplier of equipment and supplies to schools.
