Mike Ashley's Frasers Group, formerly known as Sports Direct International, will lay off up to 200 staff in an attempt to streamline its business.

The move, which impacts corporate staff, will put 20 per cent of employees based at Frasers' Shirebrook and London headquarters at risk of redundancy. The company currently employs around 1,000 people across both locations, with those affected having already entered into a consultation period.

In a widely circulated internal email, the company said: "Due to what we expect to be a challenging year for retail, in light of the ongoing economic challenges, and in consideration of the observations made during our business review, we are proposing to make changes to our ways of working by being more efficient in key business areas."

A spokesperson for the group would later tell press: "We are reviewing our team structures to identify efficiencies and streamline processes, and we have entered a consultation period with colleagues affected by these changes. The changes will ensure we have the right structure and talent to support continuing profitable growth for Frasers Group."

The spokesperson also pointed to the company’s ongoing “elevation strategy” – a concerted effort by Frasers to attract more high-profile brands to its stores. This has evidently borne fruit, with the company’s Flannels retailer now carrying luxury brands such as Hermes and Loewe.

Frasers Group also owns brands such as Jack Wills, USC and 18MONTROSE, and has minority stakes in companies including Hugo Boss and shoemaker N Brown.

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