Sports Direct rules out Debenhams takeover

Sports Direct yesterday confirmed in a statement that it does not intend to launch a takeover bid for Debenhams.

It came after Sports Direct’s outgoingseniornon-executive director Simon Bentley said at its annual general meeting that a combination of Debenhams and House of Fraser had “been discussed”.

He added that Sports Direct still has its “hands full” with integrating House of Fraser, which it acquired out of administration last month. Sports Direct owns just under 30 per cent of Debenhams, close to the threshold at which it must launch an official takeover bid.

Bentley said: “I was asked a generalquestionaboutwhether or not we discuss our strategic investments, and in particular Debenhams, to which I replied in the positive.”

Sports Direct chairman Keith Hellawell also announced his retirement after nine tumultuous years. He will be replaced by nonexecutive director David Daly.