Ashley cools on Debs

MIKE Ashley has axed half of Sports Direct’s concessions in Debenhams.

The billionaire has shut four out of nine outlets in the struggling department store group – including two in its flagship store on London’s Oxford Street.

Sports Direct first opened the concessions in 2014 after Ashley bought a stake in the company, which he upped to 21pc in August. But he is reportedly now seeking to appeal to more affluent customers, and is instead focusing investment on new larger sites in the hope of persuading higherend brands to supply them with gear.

A Sports Direct spokesman said: ‘We remain committed to developing our relationship with Debenhams.’