Auckland-based retail group, James Pascoe, has recently purchased more Warehouse Group shares and lifted its holding to 17.5 per cent buying shares on-market.

James Pascoe, the owner of Farmers and Whitcoulls, bought 244,367 shares for a total of $679,015, or about $2.78 apiece on June 17.

In October 2014, James Pascoe emerged as a substantial security holder before more than doubling its shareholding in The Warehouse Group to 16.4 per cent in March 2015 after buying out Australian supermarket retailer Woolworths’ stake for $87.1 million.

James Pascoe, which is controlled by David and Anne Norman, also owns Pascoes, Stevens, Stewart Dawsons and Goldmark.

The Warehouse Group shares last traded at $2.85, the company’s highest in more than two months. Last month the retailer lifted third-quarter sales 5.5 percent to $672.2 million and said it’s on track to meet its forecast annual profit excluding one-time items of $61 million to $64 million.

James Pascoe earlier declared they have no interest in a takeover bid for The Warehouse.