UK high street sportswear chain Sports Direct, owned by business tycoon Mike Ashley, is developing a new retail chain selling a range of products from fashion and homeware to DIY and electrics.

BrandsMax, which pledges to sell "the brands you love for less," is thought to be a bid by Ashley to win trade from TKMaxx.

The website is currently live but a search under women's brings up items such as calendars, party accessories and yarn. And a search under 'store finder' brings up only Shirebrook, where Sports Direct is headquartered.

In September, Sports Direct took complete ownership of luxury retailer Flannels. The company had taken a 51% stake in the luxury retail group in 2012 and incorporated it within its lifestyle division, which comprises brands including Cruise and Van Mildert.

Sports Direct confirms Flannels takeover