Mike Ashley has appointed his youngest daughter, Matilda Ashley, as a director of Mash Holdings, the company through which he controls his substantial stakes in Frasers Group and other ventures.
This move underscores the growing influence of family ties in the billionaire’s business operations.
According to recent filings with Companies House, 27-year-old Matilda Ashley has taken on this significant role within Mash Holdings, which plays a central part in overseeing Ashley’s extensive retail and property interests. The appointment follows her recent resignation as director of her beauty business, Double Take, which Frasers Group reportedly acquired for £1 last year without informing its shareholders.
Double Take, launched by Matilda in 2015, owns SportFX, a cosmetics brand available in Sports Direct stores. The business weathered the pandemic with financial support from Mash Holdings, which is believed to own the rights to SportFX’s clothing, footwear, and sports equipment lines. Mike Ashley had previously committed to backing the brand financially for the “foreseeable future.”
This latest family appointment may attract attention in the City, where concerns over corporate governance and nepotism have surfaced. The Sunday Times recently highlighted that Matilda’s boyfriend, David Al-Mudallal, serves as the Chief Operating Officer of Frasers Group and was appointed to its board, making him one of the youngest directors in a FTSE 100 company. Michael Murray, who became CEO of Frasers in 2022 and is married to Anna Ashley, the elder daughter of Mike Ashley, also holds a prominent position within the group.
The intertwining of family and business interests in Ashley’s empire has drawn scrutiny in the past. In 2016, Sports Direct faced criticism from shareholders after it was revealed that a company owned by Ashley’s brother was paid to handle international deliveries, a relationship that was not initially disclosed in the annual report.
Frasers Group, which started as a single shop in Maidenhead, Berkshire, in 1982, has grown into a retail giant with over 1,500 stores across 20 countries. The group includes well-known high street names such as House of Fraser, Sports Direct, Flannels, Evans Cycles, and Jack Wills. Although Mike Ashley stepped down from the board in 2022, he retains a 73% ownership stake and holds a powerful consultancy role within the company.
