JD Sports has sold 15 retail brands to Mike Ashley’s Frasers Group for almost £50m.
The owner of House of Fraser and Sports Direct has snapped up JD Sports’ interests in Base Childrenswear, Choice, Clothingsites (including Brown Bag Clothing), Cricket, Giulio, Kids Cavern, Missy Empire, Nicholas Deakins, Pretty Green, Prevu Studio, Rascal Clothing, Tessuti (including Xile), Scotts, Watch Shop and Topgrade Sportswear (including Get The Label).
The deal has been agreed for up to £47.5m and is to be paid by Frasers Group’s existing cash resources.
The deals for Cricket, Tessuti Scotts, Giulio, Choice, Rascal Clothing and Topgrade Sportswear (including Get The Label) are expected to complete early next year. The deals of the other businesses were completed on exchange.
JD Sports said the deals come following a strategic review led by the group’s chief executive, Régis Schultz.
A statement said: “The divestment of these businesses will allow the group to focus more fully on the opportunities across the rest of the group, in particular the international and digital expansion of the group’s core premium sports fashion fascias."
JD Sports added that the deals will result in it recognising a non-cash exceptional charge in its annual accounts for the period to January. 28 2023 of approximately £100m.
