Last checked at 23 Mar 2016 11:26
23 March 2016
JD Sports Fashion Plc
Conditional acquisition of trading assets and trade of Aktiesport and Perry Sport retail fascias
JD Sports Fashion Plc ('JD'), the leading retailer of sports, fashion and outdoor brands, announces that it has exchanged contracts, via its newly incorporated subsidiary Sports Unlimited Retail BV, for the acquisition of the trading assets and trade of the Aktiesport and Perry Sport fascias from the Trustee of Unlimited Sports Group BV which was declared bankrupt by the court of Amsterdam on 23 February 2016.
Upon completion, a total cash consideration of €26.5 million is payable excluding fees, retention of title and other claims arising consequent upon the bankruptcy process. The assets acquired comprise principally inventories, fixtures and fittings and intellectual property with the consideration being funded from cash resources. In accordance with Dutch Law, the transaction has been notified to the Authority for Consumers & Markets ('ACM') in the Netherlands. Completion of the acquisition is therefore conditional on JD receiving formal clearance from the ACM.
Based in Amsterdam, Aktiesport and Perry Sport are heavily represented throughout the Netherlands with a combined portfolio of 187 stores of which 55 will close imminently following the termination of the lease by the Bankruptcy Trustee. Prior to this acquisition, JD has a more limited presence in the Netherlands with 16 stores and a Dutch language trading website.
For the year ended 31 December 2014, the combined Aktiesport and Perry Sport businesses delivered aggregated results which showed consolidated revenues of €159.4m, an operating profit of €1.5m, a profit before tax of €0.2m and gross assets of €67.4m.
Peter Cowgill, Executive Chairman of JD Sports, commented:
"We are delighted with the acquisition of these well-established retail businesses, which will strengthen our presence in the Netherlands, in line with our ambition to increase our European footprint."
Enquiries:
JD Sports Fashion Plc Tel: 0161 767 1000
Peter Cowgill, Executive Chairman
Brian Small, Chief Financial Officer
MHP Communications Tel: 0203 128 8100
Andrew Jaques
Barnaby Fry
Gina Bell