Fund houses plot Sports Direct revolt

TWO major fund houses have added to the storm of investors calling for the resignation of Sports Direct chairman Keith Hellawell.

Fidelity, which owns a 6pc stake in Sports Direct, is understood to be voting against Hellawell’s reappointment to the board while Hermes said it was ‘greatly concerned’ about the lack of engagement with shareholders.

The comments come ahead of the firm’s annual meeting today, and add to the string of investors pledged to vote against the chairman.

Hellawell, who has presided over a series of controversies at the Mike Ashley-controlled firm, has said he will step down if he is not backed by most independent shareholders.

Meanwhile, trade union Unite accused Sports Direct of breaking promises to offer staff guaranteed hours rather than zero-hour contracts. It claims the retailer is still advertising for staff without stating a minimum number of hours.