Mike Ashley's retail empire Frasers Group has lowered its stake in white goods giant AO World. The owner of brands like House of Fraser and Sports Direct has reduced its holdings in the Bolton-headquartered company from 24.7 per cent to 23.8 per cent. Frasers Group, which is majority owned by Mike Ashley and listed on the LSE, first invested in AO when it snapped up a 20 per cent stake in June 2023 in a £75m move. It upped its holdings to 23 per cent to make it AO's largest single shareholder. The group posted a pretax profit of £36.4m, up from £7.6m.

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