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Mike Ashley increases stake in Debenhams to 11%

Mike Ashley has increased his stake in Debenhams to 11% after buying £33 million shares in the company.

Sports Direct have acquired a further 4.60 per cent stake in the retailer, following their initial buy up in January.

Collectively, Ashley’s and Sports Direct’s investments represent an 11.22% interest in Debenhams ordinary shares.

As previously announced, Sports Direct is already working together with Debenhams and the retailer is reportedly looking forward to building this relationship.

Ashley is no stranger to investing in struggling retailers having bought shares in Tesco last week following a recent scandal.