Sports Direct raises stake in Debenhams to more than 16%
Mike Ashley's Sports Direct has raised its stake in department store chain Debenhams.
The maverick billionaire's firm has upped its interest in Debenhams stock from 13.38% to 16.09%.
Sports Direct has built its position through a combination of share options and contracts for differences.
The Newcastle United owner has a history of building up positions in rival retailers, having previously bought stakes in French Connection, JD Sports and privately-owned House of Fraser.
Sports Direct snapped up an 11% stake in French Connection, raising fresh questions over the chain's future.
Mr Ashley made his share raid in February after fund manager Schroders dumped a 9% stake, with Mr Ashley acquiring an additional 2% on the open market.
As well as running around 400 stores across the UK, the Sports Direct group has a presence in Europe through stores in Austria and the Baltic states while Debenhams has more than 240 outlets worldwide.