Mike Ashley’s investments surge to £1bn four years after Newcastle United sale

Mike Ashley owned Newcastle United for 14 years before selling the club for a reported £305 million to a consortium backed by Saudi Arabia’s sovereign wealth fund

Mike Ashley owned Newcastle United for 14 years(Image: PA)

Mike Ashley’s stakes in companies such as Hugo Boss, AO World and Boohoo through Frasers Group have doubled in worth to £1 billion in just over a year.

The former Newcastle United owner has continued to grow his business empire, four years on from selling his shares at St. James’ Park to the current ownership regime.

As per their most recent financial results, submitted to the London Stock Exchange, the value of its investments in a variety of well-known brands rocketed from £495.4m to £959.1m in the year leading up to 27 April 2025.

Their investment in Hugo Boss, which increased from £30.6m to £413.7m within the period, has since been further augmented after the group expanded its stake to 32 per cent earlier this month.

Frasers Group’s investment in THG plc also experienced a significant boost, jumping from £500,000 to £44.4m within the year, while the value of its holding in Marks Electrical rose from £900,000 to £6.5m.

However, the group’s investments in AAL ASA, Accent Group, AO World, ASOS, Boohoo, Hornby and Mulberry declined in the year ending 27 April 2025.

The report also verifies that the group has completely divested all its shares in Currys. N Brown’s decision to withdraw from the London Stock Exchange resulted in Frasers exiting that investment.

Frasers Group additionally reported £68m in other investments, a substantial increase from £11.4m, encompassing shareholdings with less than five per cent voting power in the invested company.

In the results, the group stated that its decision to sell its shares in Currys and N Brown’s delisting needed it £126.9m.

The statement read: “In both cases, the group explored commercial relationship with the investee’s management and, following the completion of such discussions, was willing to divest at a price that was considered to be advantageous.”

The group further commented: “Our strategic investments are intended to allow us to develop relationships and commercial partnerships with the relevant retailers and brands.”

Earlier this month, Frasers Group tightened its hold on Hugo Boss by increasing its stake to more than 32 per cent. At that juncture, Frasers also mentioned that while it does not discount the possibility of acquiring additional shares within the next year, any such decision would hinge on market conditions and company developments.

Last year, Ashley was embroiled in a fierce contest with Boohoo Group, now known as Debenhams Group, over an attempt to secure a position on its board. After a highly publicised dispute, Boohoo’s shareholders ultimately voted against his appointment. Frasers Group is currently in possession of 30 per cent of Debenhams Group.

The group’s annual results also disclosed a downturn in Frasers’ revenue by 7.4 per cent to £4.9 billion for the year, while its reported pre-tax profit took a 24.3 per cent hit, falling to £379.4 million.

Additionally, Ashley’s business empire acknowledged an increase in its wage bill by £50 million, attributed to the policy decisions made by Chancellor Rachel Reeves in her Budget last autumn.

The conglomerate, which boasts brands such as Flannels, Jack Wills and Sports Direct, has highlighted a £40.1m decrease in profit from its financial services sector due to the decision to wind down the Studio Pay receivables portfolio.

Instead, the focus has shifted towards Frasers Plus – a strategy that has diminished revenue and escalated impairment charges in the short term.