Ashley takes major stake in Findel
SPORTS Direct, the country’s biggest sports retailer, has taken an 18.9% stake in Findel, the home shopping group based in Tameside.
The company, built up and controlled by billionaire entrepreneur Mike Ashley, has become Findel’s third-largest shareholder behind institutional investors Schroders and Tosca and will have paid around £32m for the shares.
The Hyde-based company made no formal comment, but a spokesman said the board looked forward to engaging with the new investor.
Separately, Findel said that it had received a bid for its Kitbag sports retail business, which it has been thinking about selling for around a year.
It said: “since completing the strategic review of its sports retailing business, Kitbag, the company has subsequently received an approach for the business from a third party and has agreed terms subject to contract.
“However, there can be no certainty that a deal will be reached.”
It is understood the un-named bidder is not Sports Direct. Kitbag, which is retail partner for a number of leading football clubs such as Manchester City FC, has been loss-making for several years.
KPMG previously marketed the business, before Findel decided to keep the unit, which is run by former Manchester United executive Andy Anson.
Shares in Findel jumped 13.7% or 27.6p to 229.23 as investors speculated that Sports Direct will either buy the group or try and disrupt the Kitbag sale and therefore push the price higher.
