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Newcastle fans planning bucket collections at Arsenal game to help Mike Ashley after £605m tax bill

5 months ago
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Mike Ashley had a busy Friday.

A chaotic and shambolic day saw Sports Direct keep pushing back their announcement of annual results which was due at 7am and had already been pushed back from mid-July.

Was there something Mike Ashley and Sports Direct weren’t too keen on making public…?

Eventually the annual figures were published after the London Stock Exchange had closed for the weekend.

That big Mike Ashley / Sports Direct revelation on Friday (26 July 2019)…

“The Group has been the subject of a tax audit in Belgium and, on 25 July 2019, received a payment notice from the Belgian tax authorities in the amount of €674 million (£605m) including 200% penalties and interest.”

Stephen Bowes gives his slant on things…

I am just recovering from the distressing news about Cashley’s Belgian tax demand.

Hopefully there will will be bucket collections at the Arsenal game to make sure he doesn’t go short.

What about his thoughtful and considerate comments in his SD report today about House of Fraser.

See below the text underlined in bold.

Of course he wouldn’t be involved in any poorly managed or under invested business would he?

Extract from Sports Direct report about House of Fraser – Friday 26 July 2019:

‘Our multi-channel elevation strategy is a key driver towards achieving an unrivalled multi-brand offering to customers across sport, lifestyle and fashion. This strategy began on the High Street with the active management of our property portfolio, which is seeing us continue to open a new generation of stores. The acquisition of House of Fraser has given us the opportunity to enhance the offering over time and build stronger relationships with their premium third party brands. 

I recognise and appreciate the work and effort that the Sports Direct team and our new House of Fraser colleagues have undertaken in integrating House of Fraser into the Group, it is and will continue to be a massive and complex project.

It is always disappointing to see a business which has been under invested and poorly managed as ultimately the employees and the consumer suffer the most.

The results of House of Fraser in this first period with the Group show what a challenge turning the business around will be and highlights what a shambles previous management had left it in. We recognise the transition and re birth will take time and commitment but look forward to the challenge and building a business all stakeholders can be proud of.’

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