Debenhams has lost its fifth-largest investor as retail tycoon Mike Ashley leads a boardroom coup at the struggling department store chain.It confirmed a story by Financial News on Monday that it had sold its entire holding but declined to give any reason.
Invesco made it out of the door at a time when Mr Ashley's Sports Direct - the largest shareholder with just under 30% - is leading a charge for change as Debenhams battles to preserve its future. The chain is currently engaged in negotiations with banks on a £150m refinancing as part of its wider restructuring.
Mr Ashley's plan includes a rival offer of a £150m loan that would be interest-free should he get what he wants - the chief executive's job.
Inevitable.
The useless overpaid directors of this business are fearing for their jobs as they know if he takes over they are all being cleared out rather than being rewarded for failure like so many senior management teams.
Ashley's not interested in Deb's all he wants is the prime locations and floor space to sell his sports products..deb's will cease to exist
Ashleyhams
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