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25 Nov 2014 10:33
25 November 2014
JD SPORTS FASHION GROUP PLC
ANNOUNCEMENT OF SALE OF BANK FASHION LIMITED
JD Sports Fashion Plc (the 'Group'), the leading retailer of branded sportswear, fashionwear and outdoor clothing and equipment, today announces the disposal of Bank Fashion Limited to a subsidiary of Hilco Capital Limited which should result in a substantial recovery of its intercompany loan, the exact quantification of which will be confirmed by completion accounts in due course. Bank Fashion Limited recorded a loss after exceptionals and before tax of £8.1 million in the year ended 1 February 2014 and had gross assets of £51.7 million at that date. The overall Group net assets writedown as a result of the sale will not be material to the Group net assets position.
The remainder of the Group's businesses have continued to trade in line with our expectations during the second half of our financial year and subject to a satisfactory performance against strong comparatives in the key Christmas trading period the Group remains well positioned.
We will provide a further trading update in January.
Peter Cowgill, Executive Chairman, said:
"We have decided that we must prioritise future investment in the Sports fascias and consequently we believe that the sale of Bank is in the best interests of the Group. We shall continue to support the broadest possible range of fashion brands within the Group."
Enquiries:
JD Sports Fashion Plc Tel: 0161 767 1000
Peter Cowgill, Executive Chairman
Brian Small, Finance Director
MHP Communications Tel: 020 3128 8100
Andrew Jaques
Barnaby Fry
Jack Holden
Jennifer Iveson
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