Frasers tycoon Mike Ashley is to become a consultant to Hornby following the retailer’s stakebuilding in the model railways specialist.

Frasers, whose Game business is a Hornby stockist, has built up a holding of almost 9% in Hornby as part of its strategic investments programme and is its third-largest shareholder. 

Horny said that Ashley’s consultancy agreement has been made through the billionaire’s wholely owned Mash Holdings Ltd. Mash will not receive any payment from Hornby or Frasers for Ashley’s services.

Hornby said: ”Mike will be available to support Olly Raeburn, chief executive of Hornby, and the wider business, particularly in relation to systems, operations, logistics and, where relevant, broader matters of strategy.

”This approach is aligned to Fraser Group’s policy of partnering with strategic investments in order to add value for the respective shareholders of Hornby and Fraser Group.”

Over the last year or so Frasers has made a raft of investments in other businesses. It holds significant shareholdings in retailers such as online fashion group Asos and electricals specialists AO and Currys.