Mike Ashley’s Sports Direct joined forces with Milestone Resources to vote against the reappointment of Sir Ian Cheshire and Sergio Bucher Owen Humphreys/PAMike Ashley’s Sports Direct has engineered an audacious coup at Debenhams, voting the chairman and chief executive off the board amid growing concerns about the department store group’s future. The sportswear retailer, which is the largest shareholder in Debenhams, teamed up with Milestone Resources, the third largest investor, to vote against the reappointment of Sir Ian Cheshire and Sergio Bucher. Milestone Resources is controlled by Micky Jagtiani, an Indian billionaire businessman based in Dubai, and with Sports Direct accounts for nearly 37 per cent of the shares in Debenhams. Debenhams said that Sir Ian decided to resign as chairman with immediate effect after yesterday’s annual meeting, where 56.62 per cent of votes were cast against his re-election. Terry Duddy, a non-executive at Debenhams, has been…

Source: The Times January 11, 2019 00:00 UTC