Updated: Blacks Leisure confirmed today that Pentland Group has snapped up a 5.86% stake in the outdoor specialist.
Brands house Pentland is had been reported this week to be in the process of buying a stake in another move to block Sports Direct owner Mike Ashley from making another play for the chain.
Pentland, which owns brands including Berghaus and Speedo, has built a 5% stake in the retailer according to The Telegraph, as a further obstacle to Ashley making a bid for Blacks in the future.
VF, which owns North Face has also built a stake in Blacks and was amongst brands who reportedly threatened to boycott Blacks if Ashley’s bid earlier this year had been successful.
Last week Blacks completed a £20m fundraising, which had originally been blocked by Sports Direct. The sports giant decided not to take up any new shares and so Sports Direct’s stake has been diluted to 14.5%.
This has been seen by some as a white flag from Ashley after pulling out of a bid for Blacks last month.