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Mike Ashley's retail empire buys £75m stake in electricals giant AO

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manchestereveningnews.co.ukmanchestereveningnews.co.uk:

Mike Ashley's retail empire has bought a £75m stake in Bolton's electricals giant AO. Frasers Group, which includes the likes of House of Fraser and Sports Direct, now holds almost 19% of company's shares making it AO's second-largest shareholder.

It is the latest in a series of deals for Frasers Group which included increasing its stake in Boohoo rival Asos. It has also been building up its shares in Manchester-headquartered fashion group N Brown.

It also acquired Manchester's Missguided and I Saw It First as well as Lancashire-based Studio Retail out of administration last year.

The group is also in talks to buy a brand from Manchester-headquartered THG. Join our WhatsApp Top Stories and Breaking News group by clicking this link AO, founded in 2000 as Appliances Only by John Roberts, is the biggest seller of large domestic appliances in the UK.

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