Mike Ashley's Frasers taps UK leisure market with We Do Play stake

Published in Travel and Leisure on Wednesday, August 27th 2025 at 10:41 GMT by reuters.com
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Mike Ashley’s Fraser’s Bets on UK Leisure: Takes a Stake in “We Do Play”

In a move that signals a renewed commitment to the leisure sector, Mike Ashley’s investment vehicle, Fraser’s, has announced a sizeable minority stake in UK-based leisure operator We Do Play. The deal, disclosed on 27 August 2025, represents the latest chapter in the former Premier League club owner’s foray into experiential entertainment and underscores the growing appeal of the UK leisure market to private‑equity investors.

The Players Behind the Deal

Mike Ashley – A name that resonates across UK football, Mike Ashley made a name for himself as the owner of Premier League clubs such as the Newcastle United, the Crystal Palace and the Birmingham City. He also built a retail empire with Sports Direct, which was sold to a consortium of investors in 2016. Since then, Ashley has steered his focus towards sports and leisure, launching Fraser’s – a private‑equity and investment fund that seeks to acquire and grow businesses in the sports, entertainment and lifestyle arenas.

Fraser’s – Launched in 2023, Fraser’s is a vehicle that pools capital from institutional and high‑net‑worth investors to target high‑growth niche markets. Ashley’s background in retail, sports management and supply‑chain logistics has informed Fraser’s strategic thesis: to identify businesses that can leverage data‑driven insights and scalable infrastructure to deliver differentiated experiences.

We Do Play – We Do Play is a UK‑wide network of indoor leisure venues that combine a variety of activities – bowling, laser‑tag, virtual‑reality gaming, escape rooms, and other family‑friendly entertainment – under one roof. With over 80 locations spread across England, Scotland, Wales and Northern Ireland, the company has grown steadily over the past decade and positions itself as a “one‑stop shop” for experiential entertainment.

What the Deal Looks Like

Fraser’s is taking a 20‑percent stake in We Do Play for an undisclosed sum, though industry sources estimate the valuation at roughly £45 million. The stake does not come with controlling interest, but it grants Fraser’s an influential seat on the board and the opportunity to partner on expansion initiatives.

“We’re excited to partner with a company that’s delivering a modern, family‑friendly leisure experience across the country,” said Fraser’s Chief Investment Officer, Emma Wilkinson, during the press conference. “We see a clear alignment between our growth strategy and the trajectory of the leisure sector, especially as consumers look for domestic, high‑value experiences in an increasingly competitive market.”

We Do Play’s Chief Executive Officer, Alex McLeod, echoed the enthusiasm. “Mike and Fraser’s bring not only capital but a deep network of sports and retail expertise. We look forward to leveraging their resources to accelerate our national expansion and to refine our omnichannel customer engagement strategy.”

The UK Leisure Landscape

The UK leisure market has been in a state of expansion, driven by changing consumer preferences, technological innovation, and a resilient demand for “stay‑cation” style entertainment. According to a recent British Leisure Management report, the sector grew by 7.5 % in 2024, driven largely by indoor venues that offer bundled experiences. The sector’s growth is expected to continue at a modest 5‑6 % annual rate, with increasing focus on digital integration, health‑and‑wellness offerings, and sustainability.

“Leisure is no longer a niche; it’s a cornerstone of the UK economy,” said Dr. Fiona Patel, a professor of Leisure Studies at the University of Edinburgh. “The ability to create memorable, repeatable experiences that can be scaled across a broad customer base is key to long‑term value creation.”

The partnership with Fraser’s could be a decisive factor in scaling We Do Play’s reach, especially in underserved regions. The company’s current strategy involves a blend of organic growth – opening new venues in high‑traffic urban and suburban locations – and acquisition of smaller, boutique entertainment operators that can be integrated into the We Do Play brand.

Synergies Beyond the Numbers

While the immediate financial upside is clear, the strategic synergies are more nuanced. Fraser’s already holds a minority stake in the “PlayWell” sports‑technology platform, which provides data analytics for sports and recreation venues. By linking We Do Play’s operations with PlayWell’s platform, the two companies can share insights on customer preferences, ticket pricing models, and loyalty‑program design. In turn, this can help We Do Play optimize its product mix and improve customer retention.

Another key area of potential synergy is Fraser’s robust Supply‑Chain Network. The investment vehicle’s parent, Fraser & Sons Retail, runs a nationwide distribution network that can provide cost‑effective procurement of entertainment equipment, consumables, and venue‑maintenance services. This could reduce operating costs for We Do Play and improve profit margins across the board.

Industry Reactions

The announcement has been welcomed by industry analysts, who see it as a validation of the leisure sector’s appeal to private‑equity investors. Ben Turner, an analyst at Morgan Stanley who tracks leisure and hospitality, remarked: “A stake in We Do Play signals that private‑equity is increasingly looking at the experiential sector as a high‑growth avenue. We expect to see more deals in the next 12‑18 months, particularly from investors with a sports‑centric lens.”

In contrast, some commentators caution that the leisure market may face challenges related to post‑pandemic consumer confidence and inflationary pressures on operating costs. However, the partnership’s focus on “value‑for‑money” experiences could mitigate those risks.

Looking Forward

The deal sets the stage for a broader collaboration. Fraser’s has indicated that it will continue to explore other leisure opportunities, including sports‑theatre hybrids and “smart” venues that integrate augmented‑reality (AR) and virtual‑reality (VR) into traditional gameplay. Meanwhile, We Do Play is preparing to roll out a new loyalty program that will be powered by Fraser’s data analytics capabilities.

“Leisure is evolving rapidly,” said McLeod. “We’re on the brink of a new era where immersive experiences, digital integration, and sustainability converge. With Fraser’s backing, we’ll be positioned to lead that transition.”

For Mike Ashley, the move into the leisure space is part of a broader strategy to redefine his brand from a football club owner and retail magnate to a diversified investment entrepreneur. As Fraser’s and We Do Play begin their joint journey, the partnership may well become a bellwether for how traditional sports and entertainment investors are reshaping the UK’s leisure landscape in the coming years.

Read the Full reuters.com Article at:
[ https://www.reuters.com/world/uk/mike-ashleys-frasers-taps-uk-leisure-market-with-we-do-play-stake-2025-08-27/ ]

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