Mike Ashley poised to tuck into Hot Tuna

Sports Direct retail mogul Mike Ashley was today set to buy Hot Tuna - the loss-making beach and surfwear fashion firm that once boasted ex-supermodel Elle MacPherson, pictured, as a director.

Brands Holdings, a company with close links to Sports Direct, has offered £950,000 for the assets of AIM-listed Hot Tuna and plans to turn it into a shell company, Concha.

Concha will look to make a reverse takeover of a business in the "technology, media or entertainment sector". The newly acquired business would then gain an immediate stock market listing from Concha, whose name means shell-like.

Media entrepreneur Mark Battles will become Concha's chairman.

Ashley, who also owns Newcastle United, is
named as a director of Brands Holding at Companies House.

Hot Tuna decided to sell itself after losing £860,000 last year on sales of £210,000.

Executive chairman Francis Ball and two other directors will quit after the sale, which needs the agreement of shareholders. MacPherson quit the board in 2007.