Mike Ashley's Frasers Group has increased its stake in electricals giant AO.
The retail empire, which includes the likes of House of Fraser and Sports Direct, first bought into the Bolton-headquartered group recently when it acquired shares held by hedge fund Odey Asset Management.
The firm, which was set up by Crispin Odey, had previously built a stake of more than 20% in the listed group.
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The original deal saw Frasers Group acquire a stake of just under 19% in AO for £75m.
However, a newly-filed document with the London Stock Exchange has revealed the group has increased its holdings to over 21%.
Speaking earlier this week, Frasers Group CEO 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."
John Roberts, founder and CEO of AO, added: "This is great news for AO and a fantastic endorsement for our business.
"We are delighted to welcome Michael and the wider Frasers team into the AO family and look forward to realising the significant potential that we see for this partnership.
"As we continue to build on our strategy of pivoting to profitable growth, it will be hugely exciting to have a range of compelling strategic opportunities to explore together and we're very much looking forward to working with Michael and his team."
The original deal came after it was confirmed that Mr Odey is to leave Odey Asset Management (OAM) following a series of allegations of misconduct.
In a statement, the executive committee of OAM said Mr Odey will "no longer have any economic or personal involvement in the partnership".
It follows a report in the Financial Times (FT), together with Tortoise Media, which included several allegations of sexual harassment or misconduct from women who either worked at the firm or had social or professional dealings with Mr Odey.
The allegations involve 13 women who claim that Mr Odey abused or harassed them, with eight of the 13 saying he sexually assaulted them.
The alleged incidents happened between 1998 and 2021, the FT reported, after interviewing 40 former employees at Odey Asset Management.
In a statement to the FT, Mr Odey described the claims as "rubbish".
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