Mike Ashley, who was once the most hated man in Newcastle, is looking to invest heavily in a Manchester shopping institution having already bought several other shopping centres around the UK
13:37, 25 Aug 2025
The Arndale in Manchester could soon be under Mike Ashley's control
The Arndale in Manchester could soon be under Mike Ashley's control(Image: Getty Images)
Controversial former Newcastle United owner Mike Ashley is eyeing up one of the UK's biggest shopping centres – having already bought several others. While the high street is seemingly on its last legs, shopping centres are apparently where the money is. . . at least in Mike Ashley's eyes.
After already sealing deals for the Princesshay shopping centre in Exeter, Fremlin Walk in Kent, Gloucester’s Olympus Centre retail park, and Doncaster’s Frenchgate shopping centre, as well as investing in the Overgate Centre in Dundee, The Mall in Luton, and Junction 32 outlet in Yorkshire, he's now looking to splash around £235m on Manchester's popular Arndale Shopping Centre.
However that wouldn't buy him the full centre through his Frasers Group, it would only pay for half of it, Retail Week has claimed.
He's buying up most of the UK's shopping centres
He's buying up most of the UK's shopping centres(Image: PA)
Ashley has kept quiet on any possible deal, however his CEO Michael Murray said earlier this year: “Securing properties which serve as the primary retail destination for the community remains a top priority for us.
“Such acquisitions unlock new growth opportunities for our retail concepts, while revitalising high streets and physical shopping locations up and down the country.”
The news comes weeks after it was revealed that he was one of the major names against River Islands High Court victory to avert the company going out of business altogether.
It could be worth more than £200m
It could be worth more than £200m(Image: Getty Images)
During the hearing, the court heard how Ashley – a landlord for many River Island properties – was against enforced rent cuts in order to keep many stores afloat.
Despite his opposition, River Island's bold rescue plan was approved, although it will see 33 stores out of more than 200 close in January 2026, and 71 stores have rents slashed, while a series of debts will now be written off.
During the very lengthy hearing, it was confirmed that 6,250 members of staff are employed by River Island, with more than 5,000 of those being store staff, and that 122 stores will remained "unaffected" by the plan.
During the High Court hearing, it was heard how online shopping and lack of store footfall has played a major part in why the brand has suffered issues in recent years.
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