24th Aug 2020 08:11
(Alliance News) - Frasers Group PLC on Monday said it has purchased some of the assets of Dave Whelan Sports Ltd from administrators for GBP37 million.
The retailer - preciously known as Sports Direct International - said the acquired assets relate to Dave Whelan's gym and fitness business, including some stock but excluding the Dave Whelan business names and intellectual property.
Additional consideration of up to a maximum of GBP6.9 million may be payable contingent upon the number of leasehold interests eventually acquired, Frasers noted.
For the year ended to the end of March 2019, Dave Whelan had gross assets of GBP195.0 million and made a loss of GBP20.1 million.
Frasers explained that this transaction compliments its existing gym and fitness club portfolio.
DW Sports, which was founded by former Wigan Athletic owner Dave Whelan, operated 73 gyms and 75 retail sites across the UK but announced plans to shut 25 of its stores last month.
Frasers was trading 0.9% higher in the FTSE 250 in London on Monday morning at 349.55 pence a share.
By Evelina Grecenko; [email protected]
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