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Mike Ashley’s Frasers expects another £100m hit from pandemic

Mike Ashley is the founder and majority shareholder of Frasers Group, whose main company is sportswear retailer Sports Direct.

Mike Ashley is the founder and majority shareholder of Frasers Group, whose main company is sportswear retailer Sports Direct. Photograph: Darren Staples/Reuters

Frasers Group, which includes Sports Direct, House of Fraser and Flannels, has doubled the hit it expects to take from the coronavirus pandemic to £200m in the expectation that a third wave will lead to more restrictions on retailers.

The retail chain, controlled by the Sports Direct founder, Mike Ashley, had estimated in February that the impact of the Covid-19 crisis would lead to a £100m non-cash writedown in the value of its properties and other assets.

“Further restrictions are in our view almost certain,” it said on Friday.

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