Mike Ashley’s Frasers Group plc has increased its proposed offer to buy the portion of handbag-maker Mulberry Group that it does not already own to a value of £111 million overall. 

The revised cash offer comes after Mulberry rebuffed Frasers’ initial proposal, which valued the company at about £83 million. 

The new offer is worth 150 pence per Mulberry share in cash. Frasers already owns about 37% of Mulberry’s shares, upping its stake slightly in Mulberry’s recent equity issue, where it sold shares at 100 pence each. 

Referencing what it called “Mulberry’s catastrophic results, its necessity for emergency funding and difficult market backdrop,” Frasers said it “strongly believes it can provide the appropriate insulation and investment to support a much-loved British brand.”

“As part of the Frasers portfolio, the Mulberry brand would be provided with the platform to ensure its long-term survival and success,” Frasers said.