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PRIVACY
Retail & Consumer

JD Sports to sell Netherlands company to Spanish subsidiary for 鈧�16.5m

The deal is expected to complete at the end of the month

JD Sports will continue to make strategic decisions regarding the company's future(Image: Nick Ansell/PA Wire)

JD Sports has agreed to sell a company in the Netherlands to a subsidiary based in Spain which it owns half of for €16.5m.

The Bury-headquartered listed group has signed non-binding headline terms for the disposal of Sports Unlimited Retail BV (SUR), which operates under the Aktiesport and Perry Sport fascias, to Iberian Sports Retail Group SL (ISRG).

The group said ISRG is "more focused on the sporting goods sector than the core JD brand and therefore JD feel that the management team of ISRG will be better placed to drive growth and higher returns in SUR longer term".

However, as the parent to ISRG, JD will continue to make strategic decisions regarding the company's future.

A consideration of €16.5m is expected to be payable on completion which ISRG will fund from existing cash balances and resources.

The deal is expected to complete on June 30.

Executive chairman Peter Cowgill said: "We have an excellent management team at ISRG and, having successfully integrated the Sport Zone business into its operations, this is the right time for ISRG to further expand its geographical reach.