MASH HOLDINGS TOPCO LIMITED

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

IFRS

Reporting scope

Consolidated group

Auditor

RSM UK Audit LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The Director is confident that the Group and Parent Company have adequate resources to remain in operational existence for the foreseeable future which is at least 12 months from the date of signing these financial statements and for this reason they continue to adopt the going concern basis of preparation.”

Group structure

1. MASH HOLDINGS TOPCO LIMITED · parent
   1. AP Brands Holdings Ltd 100% · Malaysia
   2. Active Apparel New Corp 100% · Hong Kong
   3. Bellatrix Associates Limited 100% · Isle of Man
   4. Bellatrix Overseas Limited 100% · Isle of Man
   5. Bellatrix Unlimited 100% · Isle of Man

Significant events

• “On 26 November 2024, the Group entered into a binding agreement to acquire Holdsport Group, a South African sports retailer with 88 stores and is part of the Group’s continued expansion internationally. On 15 May 2025, customary regulatory conditions were satisfied and the acquisition was completed for £122.9m which is deemed the fair value of the consideration.”
• “On 15 April 2025, the Group announced a long-term strategic retail agreement with Accent Group to launch and operate Sports Direct across Australia and New Zealand.”
• “On 16 May 2025, Michael Murray joined the supervisory board of Hugo Boss AG.”
• “On 27 June 2025, the Group acquired a majority shareholding in XXL ASA (“XXL”) for consideration of £68.6m which is deemed the fair value of the consideration.”
• “On 2 July 2025, the Group entered into a new term loan and revolving credit facility with its banks to replace its existing financing facilities.”
• “On 10 July 2025 it was announced that James France (a representative of the Group) will join the Board of Mulberry plc effective from 30 July 2025.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

6

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  -7%

  £5,205,800,000 → £4,840,000,000

• Cash

  -34.7%

  £387,000,000 → £252,900,000

• Net assets

  +5.8%

  £1,984,500,000 → £2,100,500,000

• Employees

  -4.2%

  32,378 → 31,022

• Operating profit

  +8.3%

  £514,700,000 → £557,500,000

• Profit before tax

  -0.4%

  £382,600,000 → £380,900,000

• Wages

  -7.3%

  £639,700,000 → £593,300,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers