The sports fashion brand, which has been on the acquisition trail for a few months, has now snapped up Spanish fashion and footwear chain Sprinter, along with eight Cecil Gee stores from Moss Bros.
JD Sports will possess a 50.1 percent stake in a newly incorporated company, JD Sprinter Holdings following the purchase of Sprinter’s trading assets. The Spanish brand, which sells branded and own-brand footwear along with clothing and sportswear was set up in 1981, and holds a 47 store portfolio. JD is expected to invest EUR 20 million in the business which is based in Elche, South East Spain.
Back on home ground JD also acquired eight Cecil Gee stores as well as the Cecil Gee name and stock from Moss Bros for £1.7 million. JD has said it will trade the stores with an “enchanced but similar premium branded offer”.
Peter Cowgill, JD executive chairman told press: “We are very pleased to announce these two acquisitions which both result from our strategy of selectively expanding our European retail presence and increasing our exposure to a broader portfolio of premium brands. We look forward to working with the very experienced and knowledgeable management team in Spain and bringing our own expertise to bear as we continue to develop JD’s presence in Europe.
The acquisitions come weeks after JD added Peter Werth and Fenchurch to its hold.
In a deal that will save it from administration, reports state JD Sports has purchased Fenchurch International who placed at advert in the Financial Times earlier this month. The sports fashion specialists employ 40 members of staff at their head offices, and run four own brand retail shops in the UK, with a further 900 independent stockists throughout Europe. JD Sport’s acquisition did not include the re-hiring of the company’s staff, although Fenchurch will retain control over their self-owned Covent Garden store. Superdry owners Supergroup have also been rumoured to be considering a bid for the company, although it seems JD Sports's bid of £1.5m beat them to the finishing line.The news comes within the same week that talks between JD Sports and loss making JJB broke down.
Established London street wear brand Fenchurch has been put up for sale according to an advert placed in the Financial Times this morning.Reporting sales of £11m in the 2009-2010 financial year, the company forecast a 30% growth in sales in the next 24 months. Following a media launch in 2001, the company have remained a cult brand by using sponsored professional skateboardes and BMXers in their promotional campaigns. Fenchurch products went on sale in 2002. The Fenchurch store was listed in Time Out’s ‘London’s 50 best boutiques’, describing the flagship as “a key destination on the urban fashion scene.” Later that year sales were expanded to continental Europe.In the last few years the company has expanded to 40 head office staff based in West London, four own brand retail shops in the UK and 900 independent stockists within Europe.David Taylor at RSMTenon has been given as the contact for the sale.
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