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Economic Development

Frasers Group to 'save jobs' as it buys DW Sports assets for 拢37m

Around 1,700 jobs were put at risk when DW Sports fell into administration

DW Sports Fitness on Caernarfon Road, Bangor(Image: North Wales Live)

Frasers Group has promised to save jobs after it bought parts of the DW Sports brand for £37m.

Mike Ashley's group, which is behind House of Fraser and Sports Direct, will pay the sum for company assets including DW's gym and fitness business, as well as some of the company's stock.

The move does not include the brand name DW, or the firm's intellectual property, as PA reports.

Around 1,700 jobs were put at risk when DW Sports fell into administration at the start of the month.

Mr Ashley's company said that it would save some of these, but did not specify how many jobs would be rescued.

"The transaction compliments (sic) the existing gym and fitness club portfolio within the company's group and is consistent with the group's elevation strategy," it said in a statement.

"Frasers Group looks forward to elevating the gym and fitness assets acquired pursuant to the transaction under the group's existing iconic Everlast brand, and is also pleased to have saved a number of jobs."

The price could rise to £43.9 million if Frasers also acquires some leaseholds, the buyer said.