ALEX BRUMMER: 大混乱 in マイク Ashley's empire as it transpires there was no master 計画（する） in place

By Alex Brummer for the Daily Mail

Updated:

Sports Direct has always been a 法人組織の／企業の 黒人／ボイコット box when it comes to 財政上の 報告（する）／憶測ing and governance.

That was 許容するd when it was a 比較して simple sports 小売 企業 with an appetite for 生き返らせるing faded brands such as Slazenger (still on parade at Wimbledon) and Everlast. But the picture is more 複雑にするd now.

The 仮定／引き受けること was that マイク Ashley had some 肉親，親類d of master 計画（する）, with his enthusiasm for 救助（する）ing 損失d goods ? 含むing Game 数字表示式の, Evans Cycles and, most spectacularly, House Of Fraser ? from 行政官／管理者s.?

Alex Brummer says that Sports Direct founder Mike Ashley placed a 'huge bet on the High Street when the rest of the industry and markets were engaged in a big short'

Alex Brummer says that Sports Direct 創立者 マイク Ashley placed a '抱擁する bet on the High Street when the 残り／休憩（する） of the 産業 and markets were engaged in a big short'

Ashley placed a 抱擁する bet on the High Street when the 残り／休憩（する） of the 産業 and markets were engaged in a big short.

裁判官ing from the market reaction to Sports Direct, all that the burly entrepreneur has 追加するd to his sprawling empire is 大混乱. 普通は, the 統合，差別撤廃 of an 取得／買収 into a company’s accounts on a プロの／賛成の-forma basis is 決まりきった仕事. But 明らかに not with the long-称する，呼ぶ／期間／用語 white elephant House Of Fraser.

We may have to wait a little for the 約束d new Harrods of the High Street to 現れる from its chrysalis. All there appears to be at 現在の is a host of trouble.

Ashley’s most 最近の formal update to the 株式市場 for the last 財政上の year was eight months ago when he 誓約（する）d that his most preferred 手段 of 収入s 業績／成果 would be up by 5 per cent to 15 per cent, 除外するing House Of Fraser.

All that we have heard since then is a more Ashley-like update in December that 貿易（する）ing was ‘unbelievably bad’, which makes one wonder why he fought such a 明らかにする-knuckle fight for Debenhams. 直面する-saving over his 公正，普通株主権 投資 in Debs became more important to him than knocking out sportswear at 取引-地階 prices.

What is most perturbing is that the auditor 存在 relied upon by 投資家s to navigate their way through the accounting 毒気／悪影響 is 認める Thornton. It is jolly good that 認める Thornton is a 挑戦者 to the big four, but 投資家s might feel more comfortable if the 跡をつける 記録，記録的な／記録する were more stellar.

M&S chairman Archie Norman

M&S chairman Archie Norman

の中で its 素晴らしい successes were the audit of Patisserie Valerie, where tens of millions of 続けざまに猛撃するs 消えるd, and Neil Woodford’s gated 公正，普通株主権 Income 基金. Small wonder 認める Thornton has been put under special 対策 to raise audit 質 by the enforcer, the 財政上の 報告（する）／憶測ing 会議. Given the known unknowns, the 9?per cent 減少（する） in Sports Direct looks too 肉親，親類d.

Fashionista

The comings and goings at M&S have been dizzying as chairman Archie Norman 努力する／競うs to 注入する some zest into the old dowager. 長，指導者 (n)役員／(a)執行力のある Stephen 列／漕ぐ／騒動 sought to 再構築する the fashion 申し込む／申し出ing with the help of Jill McDonald, a 難民 from Halfords and McDonald’s UK.

Forget her 欠如（する） of fashion experience. Having been 雇うd for her marketing nous she 報道によれば struggled with keeping 蓄える／店s 供給（する）d, and like so many M&S departees leaves clutching a fat cheque. Norman has been keen to de-強調 that M&S’s 核心 womenswear 申し込む／申し出ing is only for the older shopper, with talk that these 消費者s want to dress like their daughters and other such twaddle.

One of the answers it seems is to reach into Topshop and 雇う 長，率いる of fashion Maddy Evans with the 目的（とする） of 控訴，上告ing to younger 消費者s. Having risen through the Topshop 階級s as buying director and, since May 2015, fashion director, it is thought that Evans must know her stuff.

にもかかわらず, M&S might have noticed that she has been running fashion at preci sely the period when Topshop struggled against online 競争, Zara, H&M and others, and has been through the searing 過程 of a CVA. Her genius with fashion doesn’t seem to have served Sir Philip Green’s empire that 井戸／弁護士席. Long 苦しむing M&S 投資家s can live in hope.

Music city

Creative Britain has many unknown heroes. の中で them is John Craig, 創立者 of London-based indie label First Night 記録，記録的な／記録するs. He showed the 信用／信任 to bring West End show Les Mis?rables to a broader audience when other 生産者s failed to see the 可能性のある value 34 years ago.

Now First Night is 存在 swallowed by US behemoth Warner Music Group and will become part of its 急速な／放蕩な-拡大するing Arts Music 分割. The 取引，協定 comes six years after Warner swallowed Parlophone, a collection of EMI 資産s that 含むd artists Coldplay, Pink Floyd and the Beach Boys. So much for the UK treasuring its most prized 資産s.???

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