Mike Ashley increases Flannels stake

By

Barbara Santamaria

Published
Sep 5, 2017

Sports Direct boss Mike Ashley has increased his stake in premium multi-brand retailer Flannels to more than 75%.

According to The Mail on Sunday, accounts submitted to Companies House confirm the British billionaire has upped his stake from 51% of shares via a Sports Direct subsidiary.

The shares were previously owned by Neil Prosser, who founded the luxury shopping concept in Cheshire in 1976. Prosser resigned as director on 17 August.

Flannels sells designer clothing from brands including Vivienne Westwood, Dolce & Gabbana and Paul Smith, and its physical presence has been expanding in the past years as part of Sports Direct’s multi fascia store rollout.

Flannels has currently 13 stores nationwide, including boutiques in Manchester, Liverpool, Leeds, Birmingham, Nottingham and Cardiff. A London flagship store expected to open on Oxford Street early next year.  

Mike Ashley acquired a majority stake in the Manchester-based luxury and designer fashion chain in 2012, and set out to modernise and expand the business with a new store concept in 2015.