Frasers to return to FTSE 100 Index after six-year absence

Frasers Group is to return to the FTSE 100 Index for the first time in six years, the company has announced.

The Shirebrook-headquartered retail group will occupy a spot on the index vacated by aerospace and defence giant Meggitt following its acquisition by Parker-Hannifin Corporation.

The change will take effect on Tuesday 13 September.

Frasers – led by Mike Ashley and formerly known as Sports Direct – lost its place on the index in 2016 after the Guardian uncovered evidence of poor pay and working conditions at the firm.

The company defended its treatment of workers at the time, but its share price plummeted off the back of the probe, resulting in the loss of its FTSE 100 status.

The news follows a busy year for Frasers, which has acquired the popular fashion retailers Missguided and I Saw it First in recent months.

The firm also made a £13.6m offer for the remaining shares in the Australian fashion marketplace MySale earlier this year, and recently offloaded a number of freehold and long leasehold retail parks for £205m.

Meanwhile, over the weekend, Sky News reported that Frasers Group is eyeing a takeover of Gieves & Hawkes, the historic Savile Row tailor.

Frasers will be deleted from the FTSE 250 Index on Tuesday and replaced by WAG Payment Solutions.