Could Mike Ashley's retail empire be about to take over another Manchester fashion label?
One of the biggest fashion groups in Manchester could be the subject of a takeover bid from Mike Ashley's retail empire, it has emerged.
According to newly-filed documents with the London Stock Exchange, Frasers Group has increased its holdings to 17.88%. It first bought into the group in October 2022 and then upped its stake a month later.Other major shareholders in N Brown include Schroder Investment Management as well as Nigel Alliance and Joshua Senior.
Frasers Group, whose other brands include Game, Jack Wills and Evans Cycles, is now run by Mr Ashley's son-in-law Michael Murray. Shares in N Brown have spiked following the news to 36p each, their highest since the start of March last year. In a statement to the London Stock Exchange, N Brown said the "well-documented cost of living pressures continued to impact our customers" during its third quarter.
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