JD Sports Regulatory News (JD.)

10 Dec 2007 08:37

John David Group (The) PLC10 December 2007 THE JOHN DAVID GROUP PLC 10 December 2007 Acquisition of Bank Stores Holdings Ltd The John David Group plc (JD), the sports and leisurewear retailer, announcesthat on 7 December 2007 it acquired the entire share capital of Bank StoresHoldings Ltd (Bank) from Phoenix Equity Partners and its management (theVendors), for a cash consideration of £18.5 million. Bank was founded in 1994 by Andy Scott and sells branded fashion wear. It hasgrown into a chain of 49 retail outlets across the UK, selling both menswear andwomenswear. The portfolio of established brands and emerging brands which itsells includes Gio Goi, Firetrap, Superdry and Henleys. The key employees of Bank are its founder Andy Scott (Buying Director), DamianScarlett (Managing Director) and Peter Alecock (Finance Director). All threewill continue in their current operational roles within the senior managementteam of Bank. Deferred consideration may be payable to the Vendors, in the event that theprofit before interest, tax and depreciation of Bank exceeds certain thresholdsin the period to 28 February 2008. The maximum total deferred consideration thatcould be payable to the Vendors is £1.0 million. For the year ended 31 August 2006, the audited loss before tax of Bank StoresHoldings Limited was £5,370,000 and the gross assets were £35,102,000. Peter Cowgill, Executive Chairman of JD, said: "We are pleased to announce our acquisition of this strong retail brand. Itstrading style complements the trading ethos of JD on the high street andenhances our portfolio of brands and products. While we fully recognise thechallenges of fashion retail, we believe that our capable management team willeffect a successful combination of our current Scotts stores and the Bank chain,creating an enhanced Fashion Division within the Group and a real opportunityfor sales and margin growth" Enquiries: The John David Group Plc Tel: 0161 767 1000Peter Cowgill, Executive ChairmanBarry Bown, Chief ExecutiveBrian Small, Finance Director Hogarth Partnership Limited Tel: 0207 357 9477Andrew JaquesBarnaby FrySarah Richardson This information is provided by RNS The company news service from the London Stock Exchange