Frasers Group‘s Ashley will not be standing for re-election as a director at the Annual General Meeting, however the company explains he will continue to be available to the board and senior management in an advisory capacity when needed.

The London Stock Exchange announcement also revealed that as part of Ashley’s continuing strong support for the business and its elevation strategy, he will provide the group with GBP100m (US$114.36m) of additional funding alongside and on the same commercial terms as the group’s existing unsecured borrowing facilities that were announced on 1 December 2021.

Ashley explained: “Since Michael Murray took over the leadership of Frasers Group earlier this year, the business has gone from strength to strength. It is clear that the group has the right leadership and strategy in place and I feel very confident passing the baton to Murray and his team. Although I am stepping down from the board, I remain 100% committed to supporting Frasers and Murray’s plans and ambitions, and I look forward to helping the team as and when they require me. My commitment and support as a Frasers’ shareholder is as strong as ever.”

Frasers Group’s CEO Michael Murray added: “Ashley has built an incredible business over the past 40 years and, on behalf of the board and the group, I want to thank him for all he has done. With our new strategy and leadership team, we are driving this business forward at pace and we are all excited for the future. We are grateful to have Ashley’s support and expertise available to us as we continue the next stage of Frasers Group’s journey.”

Earlier this month Frasers Group had reportedly tabled a bid for Saville Row tailor Gieves & Hawkes.

Last month, Frasers Group tabled an offer to acquire Australia-based fashion marketplace MySale, two months after taking a 28.7% stake in the business.

In June, it upped its investment in Hugo Bossand now owns a 26% stake in the brand. While in July, it added its first fast-fashion pureplay to its roster by acquiring Missguided in a GBP20m (US$25.2m) deal.