JD Sports has offloaded its majority share in Total Swimming Group, a company established by former Olympic swimmers Steve Parry, Rebecca Adlington and Adrian Turner.
The retail behemoth, headquartered in Greater Manchester, had held a 60% stake in the Bolton-based firm since a deal was struck in 2022, as reported by .
The initial cash consideration for Total Swimming Group stood at £11.1m, with a deferred maximum of £4m "that is contingent upon future performance criteria and certain closing conditions". The business, aimed at making swimming more accessible, includes Swim!, the º£½ÇÊÓƵ's first multi-site operator of dedicated children's learn to swim centres.
While Adlington and Parry continue as directors, Turner has stepped down, as per Companies House filings. Following the transaction, JD Sports CEO Regis Schultz, CFO Dominic Platt, JD Gyms CEO Alun Peacock and general counsel Theresa Casey have resigned as directors.
Companies House documents also disclose that Amelia Worrall has been appointed as a director and We are Swim Holdings Limited now controls the company, which has Therese Briant as its sole director. JD Sports refrained from commenting when approached by City AM.
JD Sports has reported a record revenue in the first half of its financial year, following a surge in sales and the acquisition of American retailer, Hibbett. The retailer's revenue reached just over £5bn in the 26 weeks to 3 August, 2024, marking a 5.2 per cent increase year on year.
Pre-tax profit saw a two per cent rise to £405m, while earnings per share increased by 4.5 per cent to 5.15p. Earlier in 2024, JD Sports announced it would acquire 'fashion inspired' retailer Hibbett, headquartered in Alabama with stores across 36 states, for £878m.
