Flannels to launch high-class London outlet
DESIGNER fashion chain Flannels, owned by billionaire Mike Ashley’s Sports Direct, and frequented by football stars Cristiano Ronaldo and Wayne Rooney, has spent £108m on a new Oxford Street shop in London.
Flannels was launched in Knutsford, Cheshire, by Neil Prosser in 1976 and now has a presence in Manchester, Liverpool and Leeds.
Sports Direct bought a controlling interest in in the business in 2012.
The group said it has bought the freehold of the refurbished property Academy House at 161-167 Oxford Street after an “extensive search” for a new flagship store and London office, replacing its HQ at New Cavendish Street which has been sold for £44m.
Its purchase of the 20,00sq ft of retail space and four office floors – expected to be complete by the end of the month – is being funded by existing resources and a bank facility. The freehold was sold by CIP Property, a nominee of Aviva Investors.
In a follow-up to the announcement yesterday and in response to reports in The Guardian newspaper Sports Direct issued a statement today defending the role of Michael Murray, the 26-six-year-old boyfriend of Ashley’s daughter, as head of the company’s property team who negotiated the deal.
It said: “The deal vindicates the group’s faith in Michael Murray, who has successfully played a pivotal role executing the property strategy.
“This is one of the hottest freehold sites in London, superbly located in the mid-section of Oxford Street to the east of Oxford Circus.
“It is just a short walk from the forthcoming new Crossrail link at Tottenham Court Road, which will bring an estimated 50,000 extra people a day to the station in 2018 and it will bring 1.5million people to within 45 minutes by train.”
