Business

Mike Ashley faces fine for late filing of accounts

Mike Ashley Image copyright Getty Images

A company run by Mike Ashley, the founder of Sports Direct, is facing a fine after being six months' late filing its accounts.

Mash Holdings was due to file its accounts on 23 July 2018 and has not yet done so.

This means the company - which holds his interests in Sports Direct and Newcastle United - could be fined £1,500 by Companies House.

His spokespeople declined to comment.

The accounts are for the financial year to the end of April 2017 and pre-date Sport Direct's takeover of House of Fraser in August last year and Evans Cycles in October.

Mr Ashley is also regarded as a potential bidder for HMV, which called in administrators just after Christmas, which would add to his sprawling retail empire.

Companies House did not respond directly to queries about Mash Holdings.

But a spokesperson said: "Every company is required to file their accounts annually. If they fail to do so we have an active pursuit process to secure the filing of the overdue documents. Our main aim is to secure compliance and to bring filing records up to date."

Companies House operates a staged system for late filing. Up to one month the fine is £150, between one and three months it rises to £375, and from three to six months it's £750. Accounts more than six months late face a £1,500 fine.

Julie Palmer, regional partner at business consultancy Begbies Traynor, said late filing by a company was a "good reason to ask questions".

Richard Hyman, a strategic advisor to retailers, said: "I think this is unlikely to be anything significant and I suspect with all the plates Mike Ashley has spinning, filing his accounts on time ranks low on his list of priorities."

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