The Daily Telegraph has published an explosive leaked email from Mike Ashley to the boss of Debenhams, in which the Sports Direct boss suggests the retailer is on its last legs and needs a bailout.

In the email Mr Ashley, who is Debenhams' biggest shareholder, expresses frustration that boss Sergio Bucher had rebuffed his offer of a £40m interest-free loan.

Mr Ashley is asking for a 10% equity stake in return.

He adds: "The market is saying you've got no credit insurance, advisers and the banks are telling key suppliers that they shouldn't trade with you at a level above which they can afford to lose, the suppliers are managing themselves out of stores, and, at the same time, you're discounting product presumably to try and raise some cash."

He adds: "We don't want to see Debenhams fail... but without something changing rapidly all of the shareholders risk getting wiped out."