Like father, like son? Now both Ashleys lose millions on their ill-advised business ventures
One is a DJ in trendy East London. The other a controversial tycoon who built his fortune selling shell suits and football shirts.
But both Ollie Ashley and his billionaire father Mike are having a difficult year after admitting to losses on ill-advised business ventures.
Ollie – who was recently rocked by claims that his staff had been mistreated – has signed off accounts that reveal his Radar Radio station venture lost £2.2million over two years on a turnover of just £53,687.
Losses: Both Ollie Ashley, left, and his billionaire father Mike are having a difficult year
Radar, which plays ‘grime’ and ‘drill’ urban music, is backed by his dad’s private investment company Mash Holdings.
Mike, founder of Sports Direct who owns Newcastle United, has lost around £100million on his punt on Debenhams, according to calculations provided by the company. That’s not far off the value of the department store’s entire business, currently £151million.
But Ashley senior still appears to be bucking the trend of an imploding retail market.
Shares at his main business Sports Direct have increased 7 per cent so far this year and the business is valued at £2.2billion.