Home Business NewsBusiness Mike Ashley’s Frasers Group starts share buyback despite Covid hit

Mike Ashley’s Frasers Group starts share buyback despite Covid hit

by LLB Editor
4th May 21 9:02 am

Mike Ashley’s Frasers Group will spend £60m by July despite a £200m hit from the Covid-19 pandemic.

The group, which includes Sports Direct, Jack Wills, and House of Fraser, said it would buy up to 10m shares from Tuesday up to the last day before it enters its closed period ahead of full year results.

Less than a month ago, Frasers bosses said the retailer could face a hit in excess of £200m due to the Covid-19 restrictions. This was double its previous estimate in February.

The bosses added that further restrictions are “almost certain”, believing a writedown against freehold values and other non-cash impairments will be required.

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