In the tumultuous year since Mike Ashley returned as chief executive of Sports Direct, the UK retail tycoon has stepped up his deal-making, snapping up everything from a lingerie brand to US sellers of outdoor gear.

The owner of retail chain Sports World drew a mixed reaction from the City today, despite revealing it remained on course to hit earnings targets.

UK entrepreneur Mike Ashley was poised for an £800m (€1.2bn) windfall today after announcing plans for the flotation of his Sports World retail empire.