Sports Direct takes full ownership of Flannels

London - Following Sports Direct turbulent annual general meeting, which saw shareholders attempt to drive out chairman Keith Hellawell, comes news that the sportswear retailer has taken full control of Flannels.

In a trading update issued on Wednesday, Sports Direct confirmed it owns 100 percent of premium retailer Flannels. The announcement comes after numerous media reports were speculating that Sports Direct had increased its 50 percent stake in Flannels to over 75 percent. "The board anticipates this acquisition will significantly enhance earnings in our Premium Lifestyle division in the medium to long-term," wrote the company in a statement. Flannels founder, Neil Prosser, is set to remain an integral part of Sports Direct premium lifestyle division, added the retailer.

The announcement comes as Sports Direct shares an upbeat trading update. The sportswear retailer noted that its new generation flagship stores continue "to exceed" their expectations, as they continue to elevate their store portfolio in the UK. "We remain fully focussed on our strategic goal of moving our core business towards the 'Selfridges' of sport in order to further strengthen our proposition and drive long-term profitability," said Chief Executive Mike Ashley in a statement.

"We will continue to build on the positive progress that we have made over the last 12 months, which we outlined during a very constructive meeting with stakeholders in July. Further details of this progress are contained in our Annual Report 2017. I would once again like to thank the people at Sports Direct for their magnificent efforts."