Frasers retail founder Mike Ashley adds to bet on London property project

The move boosts one of Mr Ashley's biggest bets outside the sector that made his fortune and will help finance the project, which consists of 78 high-end apartments, an on-site gym and concierge services. Picture: Nick Ansell/PA

Founder of retail group Frasers, Mike Ashley has shifted more of his money into a company he set up to drive the development of a luxury residential project in Chelsea, one of the most exclusive parts of London.

Mr Ashley allocated £150m (€175m) during May to McGrove Developments, which was established in 2014 and is owned through his personal investment firm, Mash Holdings, according to UK registry filings.