Mike Ashley’s Frasers Group has today acquired some assets of DW Sports out of administration in a £37m deal.
This is the latest high street purchase for Ashley, who has already added GAME, Evans Cycles and Jack wills in recent years. Today’s announcement will save more than 900 jobs.
DW Sports – a sports retailer and gym group – collapsed into administration earlier this month after its income was wiped out during the COVID-19 enforced lockdown.
Today’s acquisition for Ashley has meant that he has bought a number of gyms and sports shops from his long-time rival, Dave Whelan. However, Ashley does not own the name of the DW Sports brand.
Administrators for DW Sports, BDO, said:”We are pleased to have achieved a sale of a significant part of the DW Sports business as a going concern, as this will not only secure employment for the majority of employees, but should also result in a return to the Company’s creditors in due course.”
The price of the deal could rise to £43.9m, if Ashley acquires of the remaining assets of DW Sports.