Sports Direct has embarked on its second acquisition in less than a week, this time buying a 60 per cent stake in Field & Trek, the outdoor clothing and equipment retailer.

The company will pay £5 million for the holding in Field & Trek with an option to acquire the remaining 40 per cent in five years time for a further £5 million. Shares edged up from 185p to 186.75p in early trading.

The deal is the second in a matter of days for Sports Direct, headed by the reclusive billionaire Mike Ashley, who has provoked controversy in the City with his unconventional business methods since floating the group in February for 281p per share on the London Stock Exchange.

Sports Direct declined to discuss today's deal, pending the release of its first set of annual results as a public company on July 24. Pre-tax profits are forecast to rise from £100.5 million to £143.5 million.

Last week the company made a $182 million bid for Everlast, the iconic 97-year old American sports group and maker of Muhammad Ali's boxing gloves, after winning board approval for the deal against rival bidder Hidary Group.

However, as in Britain, Sports Direct has stoked controversy in America with its first Stateside acquisition with shareholders apparently considering launching a class action against the transaction.

It has been a busy few weeks for Mr Ashley.

He now owns Newcastle United Football Club, after acquiring the remaining stake in the group, he paid £39 million for Amer Sports, the Finnish sports equipment maker, is said to be in talks about buying Evans, the cycle specialist, for £35 million and has threatened Blacks Leisure with a boardroom coup when the outdoor leisure group said that it was conducting a strategic review of snow and surf wear business, Freespirit.

Sports Direct owns a 29.3 per cent stake on Blacks Leisure. The company is also still searching for a non-executive chairman after David Richardson, the former finance chief at Whitbread, left Sports Direct after three months.

The Times revealed that Sports Direct had approached John Gildersleeve, the chairman at EMI and Carphone Warehouse, about taking on the role but he declined.

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