INSTITUTIONAL investors in Sports Direct, the troubled retailer, are putting pressure on its embattled founder, Mike Ashley, to find a new finance director.

Shareholders - who have suffered as Sports Direct’s share price has halved since it floated five months ago — are demanding a replacement for Bob Mellors, the finance director, as part of their feedback to the company, which is touring investors after its financial results.

One top institutional investor said: “Ashley is not as bad as he comes across. He is an impressive entrepreneur who knows the business better than anyone.

“But what he needs — and we need — is a proper finance director who can keep on top of the numbers.

“We like Mellors but if Ashley wants to keep Sports Direct in the public domain he needs a new finance director.”

Another said: “Bob Mellors is an old mate of Ashley’s and has been around a long time. But it’s clear he’s out of his depth and must go.”

Mellors has been heavily criticised by City analysts for the company’s presentation of financial information.

Jonathan Pritchard of Oriel Securities described one presentation as “farcical”, with the company failing to answer basic financial questions.

Mellors was also pilloried for “disappearing” during the flotation process and refusing to answer calls from analysts or investors.

Mike Ashley told The Sunday Times: “Bob Mellors is a cornerstone member of the team. He has been with me since the start and losing him would only put the company back not forwards.”

Sports Direct shares closed at 143½p.

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