It was reported today that accessories, clothing and footwear company Kangol was sold to Sports World and Lilywhites owner Mike Ashley for around £10m. 

The clothing brand has been up for sale for two years, and will now be added to Mr Ashley’s sportswear portfolio that includes Karrimor, Slazenger, Dunlop and Lonsdale. The company was sold by previous owners August Equity Trust, a London-based private equity fund.

The brand name itself is a fusion of the words silk, angora and wool, reflecting the Cumbria-founded company’s original focus in 1938 to manufacture hats for workers and soldiers, and has now become a fashion label adorned by rappers and most famously the actor Samuel L Jackson.