12th Apr 2016 06:36
LONDON (Alliance News) - Sports Direct International PLC on Tuesday said it is buying a freehold property on Oxford Street and Poland Street in London through its subsidiary SDI (Oxford Street) Ltd for GBP108.0 million.
The sporting goods and sportswear retailer said it will redevelop the property, following which it will use the retail part of the property as a new FLANNELS.com flagship store. It will also use the office space above as its new London office, replacing its former offices at New Cavendish Street.
FLANNELS is a fashion retailer, owned by Sports Direct, selling designer clothing for both men and women. It has eight stores across the UK, but so far has been absent from London.
Sports Direct will fund the acquisition from its existing resources and bank facility. Completion is expected by the end of April.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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