Debenhams

Mike Ashley's Frasers Group has branded the chancellor's new business rates holiday "near worthless" for larger firms and is an obstacle to it taking on old Debenhams shops. The Sports Direct and House of Fraser owner said the £2m limit on the amount of relief a company can claim means it will have to review all its stores to find any that may no longer be viable, due to the "unrealistic" levy. In his budget on Wednesday Rishi Sunak extended the holiday on business rates, a tax which all shops and pubs must pay, until the end of June. Live COVID updates from the UK and around the world Please use Chrome browser for a more accessible video player Sunak's tax announcements The original assistance package was due to run out at the end of March. Advertisement The chancellor said that for the rest of the financial year after June rates would remain discounted by two thirds, up to a value of £2m if businesses are closed. … [Read more...] about COVID-19: Mike Ashley’s Frasers Group warns business rates relief cap threatens stores

Mike Ashley and Newcastle United have instructed leading lawyers in an ongoing battle with the Premier League after they claimed the sale of the club to a Saudi-led consortium was unfairly blocked. Ashley, the billionaire owner of Sports Direct, has appointed Blackstone Chambers law firm in a bid to prove the Premier League's owners and directors test was not properly applied to the proposed buyers. Such buyers included Saudi Arabia's Public Investment Fund (PIF), which would have received an 80% stake of the club, and Amanda Staveley's PCP Capital Partners and the Reuben brothers, of which both would have split the remaining 20%. It also represents an escalation in the war of words between Newcastle United and the Premier League over the takeover, which failed when the consortium publicly withdrew their offer in July. Last week, Newcastle United released a statement accusing the Premier League's chief executive Richard Masters of not acting "appropriately" during the … [Read more...] about Mike Ashley hires leading lawyers for battle over failed Newcastle United takeover