Frasers Group, owned by Mike Ashley has said it has now finally resolved a €674 million dispute with the Belgian tax authority. The group has confirmed that it agreed to pay ‘an immaterial amount’ to the Belgian Tax Authority, which equated to £578 million.
“Frasers Group has now successfully resolved all remaining matters referred to in the ‘proces-verbal’, together with a number of other historic tax matters, by reaching a commercial settlement with the Belgium Tax Authority,” Frasers Group said in a statement.
“Frasers Group has taken the commercial decision to settle these matters now given the uncertainty affecting Frasers Group’s banking lines and its suppliers’ credit insurance where, due to store closures as a result of the current Covid-19 crisis, Frasers Group understands the majority of new credit insurance cover has been withdrawn for the time being.”
