Slump in sterling hits Sports Direct owner’s profits

Profits at Mash Holdings, the company owned by Mike Ashley, have dropped by two-thirds after Sports Direct struggled with a slump in sterling.

Mash Holdings posted pre-tax profits of £103m for the year-ending April 2017 – down from £278m the year before.

Ashley’s company also struggled with Newcastle United spending a season outside of the Premier League during that time.

Sports Direct was forced to pay more for its imported stock over the year, which impacted Mash’s profitability, say the accounts.

Over the weekend, Shirebrook-based Sports Direct withdrew its offer to buy stricken bakery chain Patisserie Valerie out of administration.