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The Latest Breaking News from Frasers

Mike Ashley to step down from the board of Sports Direct owners Frasers Group

The former Newcastle United owner says he 'feels confident passing the baton' to his son-in-law Michael Murray who has led on 'elevation strategy'

Chronicle Live

City braces for sharp hike in UK interest rates; Roubini predicts ‘long, ugly’ recession – as it happened

Money markets suggest the Bank of England could raise rates from 1.75% to 2.5% this week, and 3.75% by end of 2022, as policymakers try to get to grips with soaring inflation

The Guardian - UK

Mike Ashley to stand down from Frasers board

Company includes Sports Direct, House of Fraser and Jack Wills high street brands

Evening Standard

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Mike Ashley to step down from Frasers Group board

Retail tycoon to remain as the controlling shareholder of Sports Direct and House of Fraser owner

The Guardian - UK

Fraser's chief Mike Ashley set to step down

Group owner is also planning to back the business with around £100m of funding

Insider UK

Mike Ashley’s retail empire poised for FTSE 100 return

Frasers Group to take up slot vacated by defence firm Meggitt, which was bought by US rival

The Guardian - UK

Frasers Group reveals plans for trio of flagship Flannels stores

Huge new stores with more than 80,000 sqft of shopping space will open in the North East, Leeds and Cardiff

Birmingham Post

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How Missguided collapsed owing more than £80m before being rescued by Frasers Group

Missguided was bought by Frasers Group in a £20m deal

Birmingham Post

I Saw It First: How fashion brand worn by Love Island stars with Boohoo links followed in Missguided's footsteps

I Saw It First was founded in 2017 by Jalal Kamani, the brother of Boohoo co-founder Mahmud Kamani

Manchester Evening News

Missguided suppliers expected to be paid less than 2% of £30m owed

Administrator’s report reveals how little may go to those left unpaid after collapse of online fashion firm

The Guardian - UK

Frasers snaps up I Saw It First as it builds online fashion portfolio

Sale comes after purchase of Missguided and earlier acquisition of Studio Retail

The Guardian - UK

Fashion brand worn by Love Island contestants bought by Sports Direct owner

Frasers Group recently rescued Missguided out of administration in a £20m deal

Manchester Evening News

I Saw It First bought by Frasers Group two months after £20m rescue of Missguided

I Saw It First was set up by Jalal Kamani, the brother of Boohoo co-founder Mahmud Kamani

Birmingham Post

Mike Ashley's Frasers Group hails strong profits but warns over cost of living

The firm is now run by new CEO Michael Murray after Mr Ashley stepped back into an executive director role

Birmingham Post

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The Guardian - UK

Mike Ashley’s Frasers Group plans more stores as profits soar

CEO Michael Murray says shoppers have returned to high street but prices likely to rise due to construction costs

The Independent UK

Mike Ashley’s Frasers Group delivers profit surge but warns over cost of living

Sports Direct’s parent business hailed a strong performance despite a ‘significant increase’ in running costs.

The Guardian - UK

Grant Thornton fined £1.3m for ‘serious failings’ in Sports Direct audits

Financial Reporting Council penalises auditor and former partner at firm over work in 2016 and 2018

Birmingham Post

Mike Ashley's Frasers Group buys stake in Australian fashion marketplace MySale

This is the latest move for the group that has grabbed a significant chunk of the high street and retail market in recent years

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news in one place.

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Benzinga

Benzinga Before The Bell: Executive Shakeup At Amazon, Boeing Supply Chain Warning, Apple's Tim Cook Says 'Stay Tuned' On AR/MR And Other Top Financial Stories Wednesday, June 22

CNBC Moderna To establish New Vaccine Facility In Britain

Benzinga

British Retailer Frasers Boosts Investment In Hugo Boss

British retail and intellectual property group Frasers Group PLC (OTC:SDIPF) has increased its investment in Hugo Boss AG (OTC:BOSSY), the German luxury fashion brand, to €900 million. Frasers noted the increased position reflects its belief in the Hugo Boss brand, strategy, and management team. Fraser now holds 3.4 million shares of common stock, representing…

Chronicle Live

Missguided customers told ‘no refunds on returns’ weeks after Mike Ashley agreed takeover

Angry shoppers take to social media to complain as fashion chain administrators rule out payments

Birmingham Post

Missguided customers will not receive funds on returns, administrators rule

The fast fashion brand was acquired by Frasers Group in a £20m deal after entered administration

Wales Online

Missguided shoppers told they will not receive refunds for returns

The brand has now been taken over

The Independent UK

Missguided shoppers will not receive refunds on returns, say administrators

It comes after the Manchester-based company tumbled into insolvency last month.

Manchester Evening News

Nitin Passi returns as Missguided CEO - eight weeks after stepping down when firm plunged into administration

Mr Passi originally stepped down from the position in April

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