Category Archives: Frasers Group

Frasers Group says two-thirds of retail staff are still on zero-hours contracts

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MPs examining plans for legislation were told 11,500 staff on the contracts, which do not guarantee weekly shifts

The owner of Sports Direct has confirmed that two-thirds of its retail workforce remain on zero-hours contracts ahead of new legislation designed to limit their use.

Frasers Group told MPs who are examining plans to strengthen protection for employees that 11,500 staff were on the contracts, which do not guarantee any weekly working shifts, and did not receive compensation even if shifts were changed at the last minute.

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CEO of Mike Ashley’s Frasers Group says budget felt like being ‘kicked in the face’

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Sports Direct owner reports weaker consumer confidence before and after the budget as it cuts profit expectations

The chief executive of the high street retail giant Frasers said that “we felt we’d been kicked in the face” after Rachel Reeves’ autumn budget.

Frasers said it had witnessed weaker confidence among shoppers leading up to and since the budget, as the company reduced its profit forecasts for the year.

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Mulberry’s owner rejects increased £111m bid from Mike Ashley’s Frasers Group

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Majority owner, Challice, says it has no interest in selling shares to group that already owns 37% of luxury brand

The owner of the Mulberry fashion brand has rejected an increased £111m bid from Mike Ashley’s Frasers Group to buy the British luxury handbag maker, saying it has “no interest” in selling its shares.

Challice, a group controlled by Singaporean entrepreneur Christina Ong and her husband, Ong Beng Seng, which owns 56% of Mulberry – giving it the power to block any bid – called on Frasers to ditch plans to take over, saying it came at an “inopportune time” for the struggling brand.

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Frasers Group seeks approval for Mike Ashley to cash in £585m in share buyback

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Company wants investors’ permission to buy billionaire’s shares in private deal at market price at the time

Mike Ashley’s Frasers Group is seeking approval for the billionaire entrepreneur to cash in £585m of shares which could be bought back by the company in a private deal.

Under the plan, the stock market-listed retail group said it wanted permission from shareholders to buy back the shares privately from Ashley – in one or several transactions – at the market price at the time.

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Luxury clothing brand Matchesfashion to enter administration

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New owner Frasers Group decides it is unwilling to fund turnaround

The luxury clothing retailer Matchesfashion is to enter administration after its new owner, Mike Ashley’s Frasers Group, said it was not willing to fund a turnaround.

Matches was acquired by Frasers just three months ago for £52m in cash from private equity firm Apax Partners but the business has “consistently missed its business plan targets” and made losses, Frasers said.

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Frasers builds 5% stake in Asos to become fourth-largest investor

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Mike Ashley’s increased holding comes after online retailer reported slowing sales and full-year loss

The billionaire retailer Mike Ashley has built up a stake of more than 5% in the online fashion retailer Asos.

His fashion and sportswear retailer Frasers Group informed Asos on Friday that it had become one of the company’s most signifiant shareholders.

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Pakistani garment workers left destitute and starving after Missguided collapse

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Fashion retailer’s suppliers in Pakistan have sacked hundreds without pay, as invoices for completed orders remain unpaid

Hundreds of garment workers in Pakistan making clothing for collapsed fast fashion brand Missguided say they have been left destitute and starving after not receiving salaries for more than four months.

The workers, who typically earn between £100 and £160 a month, say that despite not being paid they have continued working even as the Manchester-based retailer went into administration, with suppliers claiming the company owes them millions of pounds for clothing already completed and shipped.

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