Frasers says Rascal Clothing brand purchase not proceeding

Frasers Group said it was no longer going ahead with its acquisition of the Rascal Clothing brand from JD Sports.

In a short statement, the Sports Direct owner gave no reason for the decision. It confirmed that it had completed on the purchase of five of the remaining seven premium fashion brands - Cricket, Tessuti, Scotts, Giulio and Choice.

Frasers said it would make an announcement on the remaining premium fashion brand Topgrade Sportswear, including Get the Label "in due course".

In December, JD Sports divested 15 UK-based “non-core fashion businesses” to Frasers in a deal worth £47.5m. The brands included Base Childrenswear, Clothingsites (plus Brown Bag), Clothing, Kids Cavern, Missy Empire, Nicholas Deakins, Pretty Green, Prevu Studio and Watch Shop.

Reporting by Frank Prenesti for Sharecast.com