Sports Direct ups Debenhams stake to 21%

Mike Ashley's Sports Direct has lifted its stake in department store chain Debenhams to 21% from 19%, giving it 10.5% of the voting rights.

The retailer, whose stake in Debenhams was first announced in 2014, also picked up a 27% interest in French Connection in July and a 25% stake in Game Digital.

Sports Direct first bought a put option in Debenhams in January 2014, when the two retailers began a commercial collaboration earlier in 2014, as the department store group trialled Sports Direct concessions in parts of its estate.

Back in June, Debenhams said it expects 2017 pre-tax profit to be within the range of market expectations. However, it warned that if current market volatility continued, the outcome could be towards the lower end of the current range.

At 0920 BST, Debenhams shares were up 0.7% to 41p.