Frasers Group has snapped up a number of Manchester companies over the last year or so
Mike Ashley's retail empire has bought a £75m stake in Bolton's electricals giant AO. Frasers Group, which includes the likes of House of Fraser and Sports Direct, now holds almost 19% of company's shares making it AO's second-largest shareholder.
Michael Murray, CEO of Frasers Group, said: "Frasers has long admired what John and the AO team have built, and we are delighted to have the opportunity to form a supportive, strategic partnership. "As we continue to build on our strategy of pivoting to profitable growth, it will be hugely exciting to have a range of compelling strategic opportunities to explore together and we're very much looking forward to working with Michael and his team."
Shares previously owned by scandal-hit fund The shares bought by Frasers Group had previously been owned by hedge fund Odey Asset Management. The deal comes after it was confirmed that founder Crispin Odey is to leave Odey Asset Management following a series of allegations of misconduct. The statement said: "We, the executive committee of Odey Asset Management LLP, are announcing that Mr Crispin Odey is leaving the partnership. As from today, he will no longer have any economic or personal involvement in the partnership.
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