Mike Ashley’s Frasers Group has revived its efforts to buy struggling department store chain Debenhams. 

Ashley’s group submitted an offer earlier this month, according to The Sunday Times, as it seeks to further grow a high street empire that already includes the likes of Sports Direct, House of Fraser, Jack Wills and Evans Cycles

Debenhams collapsed into administration for the second time in a year back in April, falling into the hands of its lenders, including hedge funds Silver Point and GoldenTree.

The group of owners have drafted in advisers from Lazard to oversee a sale process, while restructuring firm Hilco has been lined up to liquidate the business if a buyer cannot be found.  

Frasers Group had owned 30% of Debenhams prior to its collapse and Ashley had attempted to buy the chain before it went into administration. Ashley lost around £150m when it was ultimately taken over by lenders.

Ashley had previously worked closely with Debenhams, operating Sports Direct concessions in a number of its stores. 

But as a shareholder he proved a disruptive force, ousting former chair Sir Ian Cheshire and chief executive Sergio Bucher from the board as he pushed for a change in strategy at the top of the business. 

Debenhams has closed a number of stores as it battles to secure its future, but still trades from 120 shops across the UK, employing 12,000 staff.