Mike Ashley’s Sports Direct has upped its stake in Debenhams by a further 4.6%, just days after it put a £43m bet on Tesco.

The sportswear retailer paid £33m for 56m shares yesterday, taking its total holding Debenhams to 11.22%.

Sports Direct, which is rolling out concessions in Debenhams, said: “As previously announced, Sports Direct is already working together with Debenhams and looks forward to building this relationship.”

The sportswear firm surprised the markets by snapping up a 4.6% stake in Debenhams in January, after the department store’s share price plummeted after a disappointing Christmas, only to then promptly sell it, while at the same time entering into a put option, which means Sports Direct would be required to buy shares equivalent to a 6.6% stake at a predetermined price and date.

Sports Direct opened its third and fourth concessions in Debenhams in Guildford and Bristol last week.

The additional stake in Debenhams comes in the same week that Sports Direct agreed a put option on 23 million Tesco shares.

The option, which gives Sports Direct a maximum exposure of £43m, covers about 0.3% of Tesco’s issued share capital.

Sports Direct ups stake in Debenhams to 11.2% as its rolls out concessions