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British billionaire Mike Ashley's Frasers Group has launched a £100 million ($134.9 million) share buyback programme that will see the British retailer purchase shares from investment companies controlled by its founder and controlling shareholder.
The programme will allow Frasers to repurchase up to 26.56 million ordinary shares from MASH Holdings and MASH Beta, two investment vehicles ultimately owned by Ashley. The arrangement will operate alongside the company's existing share buyback programme, under which it purchases shares directly from the open market.
Under the agreement, Frasers will purchase three shares from Ashley's investment companies for every one share it buys through its existing market programme. The arrangement is designed to provide liquidity to the investment vehicles while allowing the retailer to continue reducing its outstanding share capital.
Frasers has appointed financial adviser Panmure Liberum to execute the transactions through a directed trading programme. The shares acquired will be held in treasury rather than cancelled, meaning they will not immediately return to circulation.
The company's board said it believes Frasers has been undervalued by the stock market for an extended period. Its net asset value stood at £2.5 billion as of April 26, 2026, based on the group's accounting policies, but directors believe this is not fully reflected in its market valuation.
The board intends to continue purchasing shares until the company's underlying value is better reflected in its share price. It described the latest arrangement as a response to shareholder feedback, with the objective of improving liquidity and returning value to investors.
The programme comes as Ashley's retail empire continues to expand its presence across international fashion and sportswear markets. Frasers, which operates Sports Direct, Flannels and House of Fraser, has pursued an acquisition-led strategy focused on established retail brands and businesses it considers undervalued.
One of its significant recent developments has been its acquisition of control of German fashion house Hugo Boss. Frasers increased its stake above 50%, making the luxury fashion business a subsidiary. The group has also expanded its investments in international brands, including Under Armour, Puma and ASOS.
Ashley founded the business that became Frasers Group in 1982, starting with a single sports shop in Maidenhead, England. He built it into an international retail group operating more than 1,500 stores across multiple countries. Although he stepped down as chief executive in 2022, he remains its controlling shareholder through his investment companies.
The latest buyback gives Ashley's investment vehicles an opportunity to sell part of their holdings directly to the retailer while allowing Frasers to pursue its valuation strategy. It also underscores the continuing financial relationship between the billionaire and the business he built.
For more on Ashley's retail investments, read how Frasers Group took control of Hugo Boss with a majority stake.
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