The Sports Direct tycoon plans to open 31 rebranded “Frasers” stores over the next five years, as he bids to make the department store chain he bought out of administration in August for £90m more “upmarket”.

In exchange for investing in the stores, Ashley hopes to secure a three-year rent-free period from landlords, according to The Sunday Times.

The refurbished Frasers stores will stock high-end brands such as Gucci and Paul Smith.