Mike Ashley bags £4m Mulberry shares as he steps up bid

The battle for control of Mulberry took a dramatic turn yesterday as Mike Ashley upped his stake, while the firm’s biggest shareholder was charged with fraud in Singapore.

Frasers Group, Mulberry’s second largest investor, bought £4m of shares in the British fashion house.

That took Sports Direct tycoon Ashley’s stake to around 37 per cent as he mulls a fresh takeover offer for the struggling handbag maker.

It came just days after Frasers’ £83m bid to buy Mulberry was fiercely opposed by the board.

Mulberry said Singaporean power couple Ong Beng Seng and his wife Christina, who are the designer’s biggest shareholders with a 56 per cent stake, had ‘no interest’ in the Frasers’ offer. 

But in a twist, Ong, 78, was yesterday charged in Singapore for his alleged role in a scandal involving thousands of pounds of gifts given to a former minister. On Wednesday ex-transport minister S. Iswaran was sentenced to 12 months in jail for obstructing justice and improperly receiving gifts as a public servant.

Ong has not yet commented on the accusations.

The businessman reportedly did not enter a plea yesterday. He and Ashley have clashed as they fight for control of Mulberry, which has been hit by a slowdown in demand for its luxury goods. Under takeover rules, Frasers has until 5pm on October 28 to make a firm offer for Mulberry or walk away.

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