Frasers Group has made a deal with founder Mike Ashley and he has been formally appointed as a consultant to the fashion giant.

Mike Ashley

In his new role, Ashley will reportedly advise Frasers on supply chain and operational matters.

The Sunday Times reported that the retail tycoon, who stepped down as chief executive of Frasers last year, will not be paid in his new role.

The consultancy appointment is “likely to raise concerns that he may be acting as a shadow director, holding sway over the board while escaping liability”, the newspaper said.

It is understood that Frasers has taken legal advice to “ensure the arrangement adheres to good governance practice”.

Sources also told the newspaper that Frasers is “eyeing up deals for Bicester Village-style outlet centres”, amid its continued acquisition streak.

Frasers increased its stake in fashion pureplay Asos three times in two weeks, as well as acquiring a stake in online fashion retailer Boohoo and electricals retailers Currys and AO World.