Frasers' Mike Ashley to advise models group Hornby
20/03/2024 07:44
LONDON, March 20 (Reuters) - Mike Ashley, the founder
and majority shareholder of sportswear and fashion group Frasers
FRAS.L , has entered into a consultancy agreement with Hornby
HRN.L , the models and collectibles group said on Wednesday.
Last month, Frasers, formerly called Sports Direct,
disclosed an 8.9% stake in Hornby. Frasers sells Hornby's brands
through its GAME business.
Hornby said Ashley would support CEO Olly Raeburn and the
wider business, particularly in relation to systems, operations,
logistics and broader strategy.
The agreement, which does not include remuneration, was
struck by Ashley's company Mash Holdings, rather than Frasers.
Frasers has a strategy of partnering with strategic
investments.
It holds strategic equity stakes in a raft of other
retailers including Hugo Boss BOSSn.DE , ASOS ASOS.L , Boohoo
BOOH.L , Currys CURY.L and AO World AO.L .
(Reporting by James Davey; editing by Sarah Young)
((james.davey@thomsonreuters.com))