Mike Ashley’s Next Move in Turbulent Times

  • Sports Direct among bidders for Links of London
  • FF Group appointed Deloitte and Savigny to find a buyer for Links in August
  • Mike Ashley interested in acquiring the chain to turnaround House of Fraser
  • Sports Direct shares dipped by almost a third in the last year
  • Auditor Grant Thornton resigned due to £605m tax bill from Belgium authorities

Sports Direct is among the final bidders looking to acquire jewellery brand Links of London from its current owner, FF Group. The company appointed Deloitte and Savigny to find a buyer for the brand after it pulled out of the US and reported a pre-tax loss of £20.6m in December 2017. Sky News sources revealed that Sports Direct’s owner, Mike Ashley, is interested in acquiring the chain as part of his attempt to turn around House of Fraser, which he bought out of administration last year. However, the group’s shares have dipped by almost a third in the past year following the acquisition of House of Fraser, with Ashley admitting that the problems at the chain were ‘nothing short of terminal in nature.’ Additionally, the failed buyout of Debenhams and the resignation of auditor Grant Thornton due to a £605m tax bill from Belgian authorities have added to Sports Direct’s challenges. Despite these struggles, the company also added retailers Game and Jack Wills to its portfolio this summer.

Factuality Level: 8
Factuality Justification: The article provides relevant information about Sports Direct’s interest in acquiring Links of London and mentions the financial situation of FF Group. It also discusses Mike Ashley’s plans for House of Fraser and the company’s recent acquisitions. However, it lacks some details on the specifics of the bidding process and the reasons behind the tax bill from Belgium authorities.
Noise Level: 4
Noise Justification: The article provides relevant information about Sports Direct’s bid for Links of London but lacks a comprehensive analysis or exploration of the consequences of decisions on those who bear the risks. It also does not offer actionable insights or new knowledge.
Financial Relevance: Yes
Financial Markets Impacted: Sports Direct, FF Group (Links of London), House of Fraser, Debenhams
Financial Rating Justification: The article discusses the potential acquisition of Links of London by Sports Direct and its impact on various companies’ shares and businesses.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no mention of an extreme event in the last 48 hours.

Reported publicly: www.retailsector.co.uk