JD Sports Regulatory News (JD.)

31 Oct 2005 07:01

John David Group (The) PLC31 October 2005 31 October 2005 The John David Group PLC Acquisition of Allsports Limited The John David Group PLC ("JD") announces today that it has acquired the tradeand most of the assets of Allsports Limited and its subsidiaries ("Allsports")from its Administrator for a total consideration, including estimated fees, ofapproximately £18 million in cash. The consideration is to be funded by existingand new subordinated bank debt. The assets acquired comprise principallyinventories and fixtures and fittings. Allsports unaudited accounts for the year ended 31 January 2005 detailed anoperating loss of £0.8 million. Allsports was the fourth largest retailer of general sportswear and sportsequipment in the UK market, with 270 stores, until it went into administrationin September 2005. Since that time, 92 stores have been closed by theAdministrator and JD believes that following the elimination of underperformingstores the acquired business can be run successfully as a complementary fasciato the existing JD fascias. It is expected that the acquisition will be earnings neutral in the currentfinancial year ending 31 January 2006 and earnings enhancing thereafter. Peter Cowgill, Executive Chairman, The John David Group PLC, said: "We are delighted to have secured the key assets of Allsports from itsAdministrator. We believe that since the disposal of the underperforming storesthe remaining Allsports stores offer an exciting opportunity to expand theoffering of JD to our customers." -ENDS- Enquiries: The John David Group Plc Tel: 0161 767 1000 Peter Cowgill, Executive ChairmanBarry Bown, Chief ExecutiveBrian Small, Finance Director Hogarth Partnership Limited Tel: 020 7357 9477 Andrew JaquesBarnaby FryCharlie Field This information is provided by RNS The company news service from the London Stock Exchange