Mike Ashley’s Frasers Group buys 5% Boohoo stake in online shopping spree

Sale adds to flurry of investments by owner of Sports Direct, including in Currys, AO and Asos

Mike Ashley's Frasers Group has bought a 22m stake in the fashion group Boohoo as the high street retail tycoon makes a flurry of investments in online retail.

The group, which owns Sports Direct and the designer fashion retailer Flannels, added the 5% stake in Boohoo on Monday shortly after announcing it had built a 9% stake in the electrical goods retailer Currys in the past week. Ashley has a long history of snapping up ailing brands, from House of Fraser to Everlast.