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Mike Ashley writes down £11m House of Fraser stake

Sports Direct owner Mike Ashley has written down the entire value of his £11m stake in House of Fraser before the retailer proposed its company voluntary arrangement (CVA) last week. 

Documents filed at Companies House for the year to 30 April 2017 show that Sports Direct subsidiary SDI Hofco filed an impairment of £11m, the total value of the company.

The subsidiary is managed by the same three directors listed on West Coast Capital Hofco – a dormant company named as the 11.1% shareholder in House of Fraser (UK and Ireland) on the CVA documents filed last week.

Ashley has made no secret of his frustration with the HoF owners plans, having launched legal action in May after stating that Sports Direct had been “repeatedly denied information to which it is legally entitled”.

Sports Direct, which did not have a representative on the House of Fraser board, had demanded a copy of the company’s corporate plan.

The write down on the SDI Hofco asubsidiary appeared on Sports Direct’s accounts as an unlisted investment that had been impaired “based on expected recoverability”.

Drapers has ed Sports Direct for comment.

 

 

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