Debenhams advisors should be ‘put in prison’, says Mike Ashley

Mike Ashley has hit out at Debenhams after the department store agreed on a refinancing scheme which could see its shareholders’ stakes wiped out.

Debenhams released a statement yesterday (28 March) saying its bondholders were expected to back a £200m restructuring loan. In response, Ashley said “if there were any justice in the world” most of the company’s advisors “would be put in prison”.

Ashley’s company Sports Direct has a 30% stake in the company and has been attempting to take control of the department store through several offers, the most recent one being a consideration of a £61.4m bid for the company which Sports Direct said would offer “fair and full value” for Debenhams.

As part of his proposals, Ashley also planned to remove all the existing board members of Debenhams except Rachel Osborne and take control as CEO, stepping away from his role at Sports Direct.

Mike Ashley, CEO of Sports Direct, said: “Now the results of the vote are known and we have also been subsequently advised that the supportive HSBC are no longer part of Debenhams RCF, I think that if there were any justice in the world the majority of the advisors would be put in prison.”