NEWCASTLE United owner Mike Ashley has seen his retail business up its stake in a department store chain.

Mr Ashley’s Sports Direct has raised its interest in Debenhams from 16.09 per cent to 17.08 per cent.

The move is the latest in a series of increases and Mr Ashley's intentions have been the subject of speculation, though few expect a takeover offer to be launched.

Sports Direct has said in the past that it wants to be a “supportive stakeholder” in Debenhams and create value for shareholders.

The retailer began building its stake in 2014 and has extended its position through a combination of share options and contracts for differences.

Mr Ashley has a history of building up positions in rival retailers, having bought stakes in JD Sports and privately-owned House of Fraser, and an 11 per cent interest in French Connection.

In addition, Mr Ashley bought struggling lingerie retailer Agent Provocateur out of administration through his investment vehicle Four Holdings.

He has also overseen the appointment of Sports Direct’s first employee representative, who will attend board meetings, after criticism from MPs over “Victorian” working conditions at the firm’s main warehouse.