Frasers Group PLC has taken an 8.9% stake in electricals retailer Currys PLC (LSE:CURY) a week after buying a 21.3% holding in AO World PLC (LSE:AO.), another white goods specialist
Mike Ashley’s group revealed the stake, which was bought in two tranches, after the market closed on Monday without giving any further details.
A spokesperson for Currys declined to comment.
In the case of AO World, Frasers reportedly bought the majority of its stake from beleaguered fund manager Odey Asset and established a partnership to pool knowledge in electrical goods and delivery.
Frasers initially bought an 18.9% stake, which it increased to 21.3% later that same week.
The former Sports Direct has a track record of acquiring minority stakes in struggling rivals.
Earlier in June, it acquired a 10% stake in the online clothing group ASOS PLC (LSE:ASC).
Other investments have included Hugo Boss, Missguided, I Saw It First, Gieves & Hawkes and MySale.
Some of these acquisitions have eventually led to a full takeover, normally when the business either has gone or is on the brink of going under.
Frasers also announced a £70mln maximum buyback programme to run until 30 May 2023 and the equivalent of around 2% of its current market value.
Mike Ashley is Frasers' founder and majority shareholder with around a 56% stake.