Debenhams, which runs one of Gloucester's most iconic stores, is the subject of speculation about its future.

Sports Direct has increased its stake in Debenhams to just under 30 per cent.

The Financial Times reports that this is just under the threshold at which it would be required to make a formal takeover offer.

Whilst playing down talk of further share purchases, Sports Direct, which is owned by Mike Ashley, says there are synergies that could be achieved through the integration of the respective web operations.

Debenhams says it has an established and constructive relationship with Sports Direct.

Sports Direct is keen to create "sports destinations" for its customers and wants to invest in large format stores and become the "Selfridges of sports retail."

Sports Direct has over 700 stores throughout the UK and internationally, including more than 83 locations across its premium & lifestyle division.

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