His Sports Direct group has bought luxury chain Cruise and USC.
The tycoon has bought the shops from Scottish retail entrepreneur Sir Tom Hunter, who will keep a 20 per cent share in the comapnies.
The deal signals a move upmarket for Sports Direct, who specialise in bargain leisure wear and footwear.
It is expected Mr Ashley will look to expand the firms and open new stores across the country.
Cruise has 10 outlets nationwide already, including two in Newcastle city centre, both in Princess Square, off Northumberland Street.
USC was reported to be struggling as consumers tightened their belts.
It has 38 branches around the country, including one in Newcastle city centre and another at Gateshead’s Metroentre.
Offer To NU-Mad Fans Continues
Due to the amazing response from NU-Mad readers ... we have decided to continue our offer for you to buy "Magpies In Europe" for the amazing price of £5.99.
A 'THANK YOU' TO FOOTYMAD READERS ...
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FOR £5.99 (inc post)
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MAGPIES IN EUROPE
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