Mike Ashley goes after Debenhams in takeover bid

Founder of Sports Direct, Mike Ashley has announced plans to take control of the high street department store Debenhams in a coup attempt.

The retail magnate made his intentions known in a proposal for Sports Direct to take over the struggling business, which would include his appointment to Debenhams’ board of directors and the removal of all but one of the existing board members.

Only director Rachel Osborne would remain with Debenhams under the proposed plans, with Mr Ashley taking up an executive position on the board.

Debenhams confirmed receipt of the notice for a general meeting to discuss the proposal, and said it was “disappointed” by the news.

The takeover attempt comes after the Sports Direct acquisition of UK department store chain House Of Fraser after its collapse last year, in which Mr Ashley hinted at plans to create “the Harrods of the high street”.