In a move underscoring the growing influence of family ties in his business operations, billionaire Mike Ashley has appointed his youngest daughter, Matilda Ashley, as a director of Mash Holdings. According to recent filings with Companies House, Matilda, aged 27, has taken on a significant role within the company that oversees Ashley’s extensive retail and property interests.
This appointment follows Matilda Ashley’s resignation as director of her beauty business, Double Take, which was reportedly acquired by Frasers Group for £1 last year without informing its shareholders. Launched by Matilda in 2015, Double Take is known for its cosmetics brand SportFX, available in various retail stores owned by the family’s business empire. The business weathered the pandemic with financial backing from Mash Holdings, which is believed to own rights to SportFX’s clothing, footwear, and sports equipment lines.
Concerns over corporate governance and nepotism have emerged in the City, following Ashley’s latest family appointment. These issues were brought to the forefront when The Sunday Times reported that Matilda’s boyfriend, David Al-Mudallal, serves as the Chief Operating Officer of Frasers Group and is one of the youngest directors in a FTSE 100 company. Michael Murray, who became CEO of Frasers in 2022 and is married to Anna Ashley, the elder daughter of Mike Ashley, also holds a prominent position within the group.
The intertwining of family and business interests in Ashley’s retail empire has drawn scrutiny before. In 2016, Sports Direct faced criticism from shareholders when it was uncovered that a company owned by Ashley’s brother was being paid for handling international deliveries, a relationship not disclosed in the annual report. Mash Holdings and the broader Frasers Group started as a single shop in Maidenhead, Berkshire, in 1982 and expanded into a retail giant with over 1,500 stores across 20 countries, encompassing well-known high street names such as House of Fraser, Sports Direct, Flannels, Evans Cycles, and Jack Wills.
Although Mike Ashley stepped down from the board in 2022, he retains a 73% ownership stake and holds a powerful consultancy role in the company. His continued influence, coupled with the rising roles of family members, has kept the spotlight on governance practices within the empire. Critics argue that such appointments may blur the lines between personal and professional relationships, leading to potential conflicts of interest.
The appointment of Matilda Ashley to Mash Holdings is indicative of the deepening family involvement in Mike Ashley’s sprawling business empire. While it highlights the trust and opportunities afforded within the family, it also raises pertinent questions about corporate governance and the risks of nepotism.