Mike Ashley's Sports Direct has increased its stake in Debenhams department store by upping its share from 23% to 29.7%. When the share of voting rights (currently at 27.6%) reaches 30%, it will have to launch a takeover bid. Shares in Debenhams, which had slumped 44% over the past year, took off at the announcement. Sports Direct, valued at £1.9 bn and falling, operates concessions inside Debenhams. Sports Direct sees "huge value for both companies in a strategic partnership".

In separate news, there is apparently some speculation that Mike Ashley might increase his stake in House of Fraser whose Chinese owners are seeking to offload shares in the troubled department store chain.