Mike Ashley fails in court bid to block Debenhams rescue

Debenhams chief executive Stefaan Vansteenkiste responded:"We are delighted that the court has today confirmed that our CVA is effective and will continue to be implemented as planned.

"We note that the only aspect that the judge required to be adjusted was a technical provision of the CVA relating to landlord forfeiture provisions." Sports Direct was the largest single shareholder in Debenhams ahead of its collapse and had offered a £150m loan in return for the retail tycoon being given the chief executive's job.

The judge said it was"entirely plausible" that Mr Ashley wanted to buy Debenhams to get"an advantageous price" or"the elimination of a competitor to House of Fraser", which the business tycoon bought last year. He also said it was plausible that Mr Ashley went to court"to pursue his grievance at the manner in which his attempt to acquire Debenhams pre-administration was frustrated".Sports Direct is yet to comment.

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