Frasers Group appoints Mike Ashley as consultant
Mike Ashley will advise the company on supply chain and operations, as per The Sunday Times’ reports
Frasers Group has appointed founder Mike Ashley as a consultant to the group, as the retailer intends to acquire other companies amid an acquisition spree, The Sunday Times has reported.
Frasers currently operates its own shopping centres in Luton and Dundee, with an aim to acquire more outlet centres in the coming year.
Ashley previously stepped down from his position as director of the Sports Direct operator last year when he promoted son-in-law Michael Murray as chief executive.
In his new role at Frasers, he will advise the company on supply chain and operations, The Sunday Times reported.
It said it is understood that Ashley did not receive a salary when he was in charge of the group and will also not be paid for his consultancy services in this “unconventional” agreement, which may reportedly raise concerns that he will act as a “shadow director”.
As a result of the nature of its agreement with Ashley, the group has reportedly taken legal advice to ensure it “adheres to good governance practice with the consultancy arrangement”.
Ashley owns 69% of Frasers Group, which over the course of this month, has taken a 19% stake in Ao.com, a 5% shareholding in Boohoo and 9% of Currys, as well as more than a 10% stake in Asos.
Frasers CEO Murray is understood to have spoken to Currys CEO Alex Baldock about commercial opportunities such as opening Game concessions in its stores.