Sports Direct share price edges lower as Mike Ashley invites MPs to headquarters

on Feb 16, 2016
Updated: Oct 21, 2019

Sports Direct’s (LON:SPD) share price has been underperforming the FTSE 100 index today following reports that founder Mike Ashley has invited politicians to the retailer’s Shirebrook headquarters in Derbyshire to discuss claims made over the treatment of its employees.

Sports Direct has been accused of “naming and shaming” staff over a tannoy and searching them when leaving the warehouse. Ashley has now invited MPs to the depot to meet face-to-face, according to The Mirror. An inside source was quoted as saying: “Mike thinks the best way to set the record straight is to be completely open so he’s invited the MPs to come and see everything with their own eyes. You can’t get more open than that.”

The meeting is the first Ashley has ever agreed to hold with MPs. The billionaire, who also owns Newcastle United FC, was criticised last year for not appearing before a parliamentary committee examining the use of zero-hours contracts and the closure of the Ayrshire warehouse of its fashion chain USC. Sports Direct chairman Keith Hellawell attended instead. MPs on the Scottish Affairs Committee demanded to know what “immovable commitments” prevented him attending but did not receive any explanation.
Sports Direct’s share price has dipped today. As of 10:40 GMT, the stock was changing hands at 389.30p, 0.36 percent down intraday. The FTSE 100 had meanwhile gained 0.04 percent to 5,826.77 points.
As of 11:02 GMT, Tuesday, 16 February, Sports Direct International Plc share price is 390.20p.