Apr 8, 2019
Mike Ashley launches new broadside against Debenhams
PA Retail tycoon Mike Ashley, who has tabled a rescue bid for store chain Debenhams, has accused its executives of "a sustained programme of falsehoods and denials". Mr Ashley has offered to inject £150m into the beleaguered department store, as long as he is appointed chief executive. Sports Direct claims "Misrepresentations were made to induce Sports Direct into signing a non-disclosure agreement, locking them out of any ability to trade in the bonds or equity of Debenhams for a period of time". Sports Direct said Mr Ashley and two colleagues had already taken lie detector tests themselves, the results of which "Showed without any doubt" that they were providing an accurate report of the meeting. Days before a lender-imposed deadline is due to expire, Sports Direct at the weekend offered to underwrite £150m of new equity funding for the retailer but only if Mr Ashley was appointed chief executive and £148m of debt was written off by lenders, who include banks and hedge funds.
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