Member Article

Ashley’s empire gets double tonic

Sportswear retailer Sports Direct, which is controlled by Newcastle United owner Mike Ashley, has successfully refinanced its banking arrangements.

The new three year unsecured facility has been provided by a group of 10 banks, led by HSBC, Barclays and Handelsbanken, and is for £220m.

At the group’s current level of debt, the interest payable on the facility is 1.75 percentage points over the London Interbank Offered Rate (LIBOR).

“The facility provides the group with ample funding to pursue its business and strategic objectives,” said Dave Forsey, chief executive of Sports Direct International.

The company had some further good news to impart, this time relating to the follow-up to the Serious Fraud Office’s investigation into the acquisition by Sports Direct of 31 stores from rival JJB Sports.

Sports Direct said that no individuals connected to the company are being investigated by the Serious Fraud Office.

This was posted in Bdaily's Members' News section by Ruth Mitchell .