Sports Direct owner Frasers buys failed DW Sports business
Sports Direct owner Frasers Group has announced the acquisition of certain of the assets of Dave Whelan Sports Limited from the administrators of DW for an initial cash consideration of £37 million.
It’s buying assets of the firm’s gym and fitness business, “including certain stock but excluding the DW business names and IP”. It may also need to pay up to £6.9 million more “contingent upon the number of leasehold interests eventually acquired”.
For the year ended 31 March 2019 (which is the last date for which accounts were available ahead of its administration filing), DW had gross assets of £194.9 million and made a loss of £20 million.
Frasers said the transaction complements its existing gym and fitness club portfolio and is consistent with the group's elevation strategy.
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