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Frasers Group PLC - Shirebrook, England-based owner of the House of Fraser, Sports Direct and Flannels retail chains - Increases stake in AO World PLC, an online electricals retailer, to 21% on Thursday, from 19%. Frasers last week Friday bought a 19% stake, from none before. Frasers earlier this week said the initial investment was the ‘culmination of productive talks over the last two years about establishing a strategic partnership’. Frasers Chief Executive Officer Michael Murray said: ‘Frasers has long admired what John and the AO team have built, and we are delighted to have the opportunity to form a supportive, strategic partnership. AO is a fantastic business with a clear strategy which is leading the market in online-only electricals. Through this investment, Frasers will benefit from AO’s valuable know-how in electricals and two-man delivery, helping us to drive growth in our bulk equipment and homeware ranges. In turn, AO will have the opportunity to benefit from Frasers’ expertise and ecosystem.’ Current Frasers stock price: 705.50 pence, up 3.1% on Friday 12-month change: up 18% Current AO World stock price: 83.93 pence, up 3.4% on Friday 12-month change: up 27% Copyright 2023 Alliance News Ltd. All Rights Reserved.
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