JD Sports expands European footprint with Dutch acquisition

JD Sports Fashion has agreed to buy the trading assets of Netherlands-based Aktiesport and Perry Sport from administrators for €26.5m (£21m) in cash.

The FTSE 250 sports clothing retailer is buying the assets from the trustees of Unlimited Sports Group BV, which was declared bankrupt by the court of Amsterdam in February.

The assets acquired comprise principally inventories, fixtures and fittings and intellectual property with the consideration being funded from cash resources.

Aktiesport and Perry Sport have a combined portfolio of 187 stores, 55 of which will close imminently following the termination of the lease by the bankruptcy trustee.

For the year ended 31 December 2014, the combined Aktiesport and Perry Sport businesses delivered aggregated results which showed consolidated revenues of €159.4m, an operating profit of €1.5m, a pre-tax profit of €0.2m and gross assets of €67.4m.

JD, which still requires formal clearance from the Authority for Consumers & Markets in the Netherlands, has 16 stores in the country and a Dutch language trading website.

Executive chairman Peter Cowgill said: “We are delighted with the acquisition of these well-established retail businesses, which will strengthen our presence in the Netherlands, in line with our ambition to increase our European footprint."

At 1207 GMT, JD shares were down 3.2% to 1,101p.