Sports Direct already owned an 11% stake in House of Fraser and since acquiring the 169-year-old chain, has abandoned its restructuring plan.
In an interview with The Sun, Ashley revealed his vision to turn the chain into the “Harrods of the high street”, saying he would like to introduce a “concierge click and collect” offering at House of Fraser to match Harrods’ “exceptional services”.
He also said he wanted to introduce luxury brands such as Gucci, Prada and Stone Island to the department store, and described the absence of these brands as “the biggest thing missing”.
Ashley then made an attempt to reassure landlords who were concerned about the number of rent reductions they had seen due to the CVA. He said: “Give us a chance and we will try to keep as many open as we can. We are here to get House of Fraser back to where it once was.”