Mike Ashley has lashed out at advisers to department store chain Debenhams after the tycoon's takeover approach was snubbed, and as he stands to be wiped out in a restructure. 

The billionaire Sports Direct owner had been attempting to seize control of Debenhams and install himself as chief executive.

But yesterday the retailer received approval from the majority of its bondholders to press ahead with an alternative £200m refinancing.

While Debenhams will now embark on a wider restructuring in an effort to secure the future of the business, it is likely to wipe out existing shareholders such as Mr Ashley, who holds a stake of just under 30%. 

Debenhams is tipped to look at a debt-for-equity swap and a pre-pack administration, with the latter expected to be more likely as it does not require shareholder approval. 

Both options would result in existing investors losing their holdings in the company. 

A company voluntary arrangement (CVA) to speed up store closures and rent reductions could also be part of the plans, or come at a later stage. 

Only on Wednesday, Mr Ashley, through Sports Direct, said he was considering tabling an offer for Debenhams which would value it at £61.4m. 

But Debenhams has consistently resisted overtures from the billionaire.