Mike Ashley’s Sports Direct has taken an 18.9% stake in replica football strip retailer Findel. The move comes just days after the Rangers shareholder dropped his interest in upmarket fitness centre chain Soho Gym.
It also coincides with a statement from Findel that it had received an approach for Kitbag, its sports retail business, from an unnamed third party and had “agreed terms, subject to contract”.
Findel’s share price has rocketed on the news, up by more than 14% in early trading. Sports Direct’s share price was down 1%.
Kitbag, which sells republic club shirts, was put up for sale last year as it worked with KPMG to offload the loss-making business.
As well as owning more than 55% of Sports Direct, Mr Ashley also owns Newcastle United and almost 9% of Rangers.
Mr Ashley is also rolling out a chain of sports fitness centres across the UK under the Sports Direct brand.