Matilda Ashley, daughter of billionaire Mike Ashley, has been appointed as a director of Mash Holdings.
- Mike Ashley’s retail empire is closely tied with family connections, drawing attention in governance circles.
- Matilda Ashley previously resigned from her role at Double Take, a beauty business tied to Frasers Group.
- Concerns over nepotism arise as family members hold key roles in Frasers Group.
- Frasers Group has expanded significantly since its inception, despite recent leadership changes.
Matilda Ashley has taken on a significant role within Mash Holdings, highlighting the influence of family in Mike Ashley’s vast business operations. Her appointment as director comes after she stepped down from her position at Double Take, a beauty brand she launched in 2015. This brand, operating under SportFX, was acquired by Frasers Group for £1, reportedly without shareholder notification.
The involvement of family members in leadership roles within the Frasers Group has raised concerns in the City, especially regarding corporate governance and potential nepotism. David Al-Mudallal, Matilda’s boyfriend, is the Chief Operating Officer of Frasers Group, also serving as one of the youngest directors in a FTSE 100 company. Michael Murray, married to Mike Ashley’s elder daughter, Anna, assumed the CEO position in 2022.
Mash Holdings, which manages Mike Ashley’s retail and property interests, supported Double Take financially through the pandemic. Mike Ashley had committed support for the brand ‘for the foreseeable future’. This further integration of family members into the company’s governance framework may prompt enhanced scrutiny from the business community.
The Frasers Group has a history of intertwining family and business interests, which has been contentious in the past. In 2016, there was substantial critique following the revelation that a company owned by Ashley’s brother was contracted to handle international deliveries, without initial disclosure in the annual report. Such practices have led to shareholder concerns about transparency and proper governance.
Frasers Group started from a single shop in Maidenhead and has grown tremendously, now boasting over 1,500 stores in 20 countries, including brands like House of Fraser and Evans Cycles. Despite stepping down from the board in 2022, Mike Ashley still retains a 73% stake and offers his expertise as a consultant, continuing to exert significant influence over the company’s strategic direction.
The familial appointments within the Frasers Group epitomise ongoing governance challenges tied to family-run businesses.
