• Text size      
  • Send this article to a friend
  • Print this article

Sports Direct buys stake in specialist online retail firm

MIKE Ashley's Sports Direct International has taken a 4.8 per cent stake in the recently floated specialist online retailer MySale Group.

MySale, which counts Sir Philip Green among its major shareholders as he holds 22 per cent through the Shelton Capital fund controlled by his wife, runs clearance sales for a wide range of fashion brands.

It had a rough start to life on the Alternative Investment Market after its shares were mistakenly listed at the wrong price on Monday which triggered a major sell-off. The business was valued at £340.5 million at its original 226p price.

Sports Direct, which has a growing international presence, said it is hopeful of working on areas including joint venture opportunities in Australasia and Asia.

Shares in MySale closed up 13.5p at 201p yesterday.

Contextual targeting label: 
Finance

Commenting & Moderation

We moderate all comments on HeraldScotland on either a pre-moderated or post-moderated basis.
If you're a relatively new user then your comments will be reviewed before publication and if we know you well and trust you then your comments will be subject to moderation only if other users or the moderators believe you've broken the rules

Moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours. Please be patient if your posts are not approved instantly.

241499