Sports Direct founder Mike Ashley has entered into a consultancy agreement with hobby and toy producer Hornby Hobbies, after the businessman’s Frasers Group increased its stake in the company.
Hornby, best known for making model railways, said Ashley would be available to support its chief executive, Olly Raeburn, and the wider business on “systems, operations, logistics and, where relevant, broader matters of strategy”.
Frasers Group, which owns UK department store chain House of Fraser and has smaller stakes in many retail businesses, upped its stake in Hornby to 8.9 per cent in February. Ashley will not be paid for the advice he gives to the company.