Frasers Group chief executive Michael Murray has criticised Labour's business rates overhaul, warning it is forcing retailers to cut high street investment. The April revaluation of the tax system, based on shop property values, resulted in higher bills for thousands of chains. Murray said spending millions on store refurbishments only to face increased tax bills "makes zero sense". He also opposed Andy Burnham's proposal for a 20% business rates discount for pubs and music venues, funded by higher taxes on large retail warehouses. Despite the challenging environment, Frasers continues expanding its physical retail presence. The company has invested heavily in larger Sports Direct stores, shedding its discount image through refurbishments and adding premium brands.

Mike Ashley's Frasers Group has acquired Greaves Sports, one of Scotland's last independent specialist sports retailers. The deal ends the Greaves family's association with Glasgow's retail industry, which began in 1930. Greaves currently operates from a single store on Gordon Street. The family previously ran a popular Sauchiehall Street shop until 2018. Frasers will continue operating the Gordon Street location under the Greaves brand. A supplier communication confirmed the acquisition, whilst Companies House documents show Greaves changed its name to Clydesdale Sports Retail Limited in June. The acquisition adds to Frasers' extensive retail portfolio, which includes Sports Direct, Flannels, GAME, and Evans Cycles. Frasers recently increased its stake in Hugo Boss to 30.28% following a €2 billion takeover offer in June.

Frasers Group, owner of Sports Direct and Flannels, reported a 38.9% year-on-year increase in profit before tax to £527.8m for the 52 weeks ending 26 April 2026. International revenue grew 59.2%, offsetting subdued trading conditions and weaker consumer confidence. The group's "Elevation Strategy", focusing on brand partnerships and enhanced retail experiences, remained a key driver. Group and retail gross margins improved by 160 and 150 basis points respectively. UK Sports profit from trading rose 17.6% to £559.4m. CEO Michael Murray said Frasers would continue investing despite market headwinds. The company sold its non-core Coventry Arena business for £50m, generating a net gain of £33.8m.