Businessman Mike Ashley launches fresh £111million bid for luxury bag firm Mulberry
MIKE Ashley’s Frasers Group last night launched a fresh £111million bid for Mulberry — while fanning doubts about the luxury bag group’s survival chances.
The move came hours after it emerged Frasers had invested £10million in online firm THG’s cash call.
THG, formerly The Hut Group, raised £95million to fund taking its Ingenuity tech unit private.
Mulberry had rejected Mr Ashley’s previous £83million approach in favour of a £10million fundraising, backed by its biggest investor Challice Group, which is controlled by Singapore billionaire Christina Ong.
However, after the London stock market closed yesterday Frasers, which has a 37 per cent stake in Mulberry already, launched a new 150p-a-share approach.
Mulberry is currently valued at £79.9million on the stock market.
Frasers said it had significant reservations that the £10million raised will be enough to support the firm.
Mr Ashley suggested his ownership would “ensure its long-term survival and success”.
He has had hits and misses with investments in rival retailers — notably Matches Fashion, which went into administration.
Meanwhile, THG boss Matt Moulding had another swipe at the London Stock Exchange.
He said: “It’s clear the LSE isn’t a place for a tech/infrastructure business like Ingenuity.”
Power push
SCOTTISH POWER is doubling its investment in Britain from £12billion to £24billion — in a vote of confidence for the country.
The business, owned by Spain’s Iberdrola, plans to upgrade high-voltage cables and build more wind farms to back a Government push to cut UK reliance on gas imports.
Jobs gloomy
THE jobs market has remained in the doldrums over the summer, according to recruiter Hays.
It reported that fees from job placings had dropped by a fifth over the past three months, with permanent jobs slumping the most.
Hays is also cutting its own workforce by another 200 employees.