Findel blocks Mike Ashley bid to be chairman

FINDEL, the listed home shopping and education supplies company, has blocked a move by Mike Ashley to be appointed chairman.

At the start of the month Findel announced it was in early stage discussions over a possible supply deal between its subsidiary Express Gifts and Sport Direct.

The proposal was made by Schroders on behalf of Sport Direct and included the requirement that Ashley, the founder and majority shareholder of Sport Direct, be made chairman at Findel as part of the deal.

But Hyde-based Findel has today said that it will not appoint Ashley as chairman and is moving quickly to appoint an independent executive chairman.

Meanwhile, Sports Direct has said it is unwilling to enter a supply agreement until Ashley’s role on the Findel board is clarified, although discussions on this and the supply deal are ongoing.

Findel’s outgoing chairman David Sugden said ahead of a general meeting to be held today: “The board remains of the view that there is merit in a commercial supply agreement with SDI, but SDI are unwilling to take this forward until the role of Mike Ashley on the Findel board is clarified.”

As a result of the delays to the appointment of a new executive chairman, David Sugden will continue in the role beyond his planned departure date until a replacement is found.

Sports Direct bought a stake in Findel last September and has since built its shareholding to around 30%.

Last year, Ashley failed in his attempt to put a representative on to Findel’s board to wield influence over a potential business agreement.

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