The investment giant founded by a donor to the Conservative Party has increased its stake in AO.
Odey Asset Management has upped his holdings in the Bolton-headquartered online electricals retailer from 22.2% to just over 24%, according to new filings with the London Stock Exchange.
The firm is the largest institutional investor in AO and has a larger stake than founder and CEO John Roberts.
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Odey Asset Management was founded in 1991 by Crispin Odey and counted George Soros as one of its original investors.
Accounts for its financial year to April 5, 2022, show the firm's profits fell from £39.7m to £18.8m.
Mr Roberts decreased his own stake earlier this month when he donated over 1.4 million shares to charity.
Last month, BusinessLive reported that AO had upped it annual earnings outlook for the third time in just over three months after it said its cost-cutting efforts were paying off.
The company said its profitability has seen a better-than-expected improvement as it drives cost savings thanks to a "resilient" customer base.
AO said price increases across mobiles have also been slightly higher than forecast.
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