Mike Ashley launched an extraordinary attack on Debenhams yesterday for refusing his offer of a £40m loan, even though the department stores group “was going to run themselves out of money”.
The billionaire founder of Sports Direct — which is the largest shareholder in Debenhams, with just under 30% — said that he was “very cross” that the chain had “lost £150m of Sports Direct’s money” after a steady decline in its share price.
Ashley claimed that the Debenhams board, chaired by Sir Ian Cheshire, not only had rejected his help but also his repeated pleas to cut the dividend to conserve cash as “things are not going to get any easier [on the high street]”.
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