Mike Ashley’s retail empire poised for FTSE 100 return

Frasers Group to take up slot vacated by defence firm Meggitt, which was bought by US rival

Mike Ashley's retail empire is returning to the FTSE 100 after a six-year hiatus after the sale of a defence firm creates an opening for Frasers Group in the leading City share index.

Frasers, which owns a host of high street brands including Sports Direct and House of Fraser, is poised to rejoin the index on Tuesday, taking up the slot vacated by Meggitt, which has been bought by a US defence rival, Parker Hannifin.