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04 May, 2021 07:27 04 May, 2021 10:26

Frasers Group starts share buyback up to £60m

sports direct, mike ashley
Mike Ashley

Mike Ashley-controlled Frasers Group said it was starting a share buyback of up to £60m to reduce its share capital.

The group, which includes Sports Direct, Evans Cycles, Jack Wills, and House of Fraser, said it would buy up to 10m shares from Tuesday up to the last day before it enters its closed period ahead of full year results.

No reason was give for the decision. The move comes less than a month the retailer said could take a hit in excess of £200m due to the Covid-19 restrictions - double previous estimate in February.

At the time, they added that further restrictions are "almost certain", believing a writedown against freehold values and other non-cash impairments would be required.

Ashley has also been critical of the government's response to extending the business rates holiday, complaining that the support on offer did not go far enough for big chain retailers.

Frasers reopened its estate on April 12 following the easing of lockdown restrictions for non-essential retailers. It did not give an update on current trading.


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Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news articles and we may not share the views of the author or publisher.

We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.