BSR
BSR
  • Home
  • Distressed Businesses
    • All Distressed Businessess
    • Administrations
    • Liquidations
    • Winding Up
    • Insolvency Advice  New
  • Buy a Business
    • All Businesses for Sale
    • Find a Business for Sale
    • Raising Business Finance
    • Buyer Acquisition Service   New
    • Escrow Service   New
  • Sell a Business
    • Sell Your Business
    • Seller Accounts
    • Need Help Selling?
    • Help With Finance New
    • Business Valuation
    • Business Wanted Adverts
  • Insights & News
    • View All News
    • View All Insights
  • Off-market
    • Source deals
  • Log In
  • Join Now
Join now
11111111

Home / News / DW Sports group enters administration

DW Sports group enters administration

Tue, 04 Aug 2020 | ADMINISTRATION

DW Sports group enters administration

Sports retailer and gym operator DW Sports has said it is poised to enter administration, due to the impact of the mandated closure of its store portfolio and gyms during COVID-19 lockdown. The company will work with administrator BDO to save as many of its 73 gyms as possible, but all 75 stores will close.

DW Sports, which was founded by former Wigan Athletic owner Dave Whelan, had already announced the closure of 25 of its stores last month and the remaining 50 will now enter closing-down sales.

The company hopes that a restructuring process will enable it to save as many gyms and jobs as possible, but added that the closure of some gyms was “inevitable”. 59 of the group’s UK gyms have reopened, with the remaining 14 unable to due to government restrictions. DW Sports says its sister company Fitness First, which operates 43 clubs, is unaffected by its administration.

Administrators say they hope to supports employees, customers and gym members as far as possible while seeking a buyer or buyers for as "much of DW Sports' business as can be achieved."

Chief Executive Martin Long said: “As a consequence of COVID-19, we found ourselves in a position where we were mandated by government to close down both our retail store portfolio and our gym chain in its entirety for a protracted period, leaving us with a high fixed-cost base and zero income”.

“Like many other retail businesses, the consequences of this extremely challenging operating market have created inevitable profitability issues for DW Sports.”

Long added that appointing administrators gave the company “the best chance to protect viable parts of the business, return them to profitability, and secure as many jobs as possible.”

The group’s most recent available accounts were to the year ending March 31 2019. DW Sports reported fixed assets valued at £146.9 million, with current assets of £43.6 million, net current liabilities of £58.7 million and net assets of slightly over £55 million.

The group reported turnover of £222.2 million for the year, down from £222.9 million the year prior, with fitness clubs generating £137.9 million and retail stores £84.3 million.


Find businesses for sale here.

If you are looking for an exit, we can help!


Share this article



Latest Businesses for Sale

Group, Stag & Hen Tour Operator
UK Wide

Trading for over 18 years, this e-commerce & telephone service business specialises in stag, hen & group activity breaks. This e-commerce and telephone serviced business is run by a fully trained and self-managed team of knowledgeable individuals who...

Asking Price: £500,000
Turnover: £1,400,000

LEASEHOLD


Hair & Beauty Salon
Kent, South East, UK

The well established business opportunity originally opened its door over 25 years ago, and has been under the current ownership. During that time, they built up an excellent reputation and loyal customer base within the local area.

Asking Price: Offers Invited
Turnover: £340,000

LEASEHOLD


Campervan & Motorhome Conversion Solutions
UK Wide

An opportunity has arisen to acquire a reputable and successful business operating at the forefront of the leisure market. Supplies an extensive range of products for trade and DIY vehicle conversions, including roofs, fittings, wood, and complementa...

Asking Price: Offers Invited
Turnover: £8,000,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
03
 
Feb
 

Social media marketing firm acquired at up to 41.6x operating profit | BUSINESS SALE

Manchester-based social media and influencer marketing agenc...

 
03
 
Feb
 

Pub group planning to sell 1,000 sites as pressures on hospitality mount | COMMERCIAL PROPERTY

Stonegate Group, the UK’s largest pub company, is repo...

 
02
 
Feb
 

Babble hits 12 acquisitions in a year with double takeover | BUSINESS SALE

London-based cloud technology firm Babble has continued its ...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
08
 
Jan
 

Nightclub operator Deltic acquired by Rekom in cut-price deal | BUSINESS SALE

UK nightclub operator Deltic has been acquired by Scandinavi...

 
24
 
Aug
 

Frasers Group acquires certain DW Sports assets for initial £37m | BUSINESS SALE

Frasers Group has acquired some of DW Sports’ gyms and...

 
17
 
Aug
 

Frasers Group bids for DW Sports | BUSINESS NEWS

Mike Ashley’s Frasers Group has reportedly bid in exce...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources

Become a Member

News Categories

  • - Business Sale
  • - Division Sale
  • - Administration
  • - MBO/MBI
  • - Merger
  • - Commercial Property

View all news

logo
Our Services Distressed Businesses
  • Businesses for Sale
  • Distressed Companies
  • List a Business
  • Help with Finance
  • Buyer Acquisition Service
  • Small Businesses for Sale
Company Buy a Business
  • About BSR
  • Pricing
  • Insights
  • News
  • FAQs
  • Reviews
Get In Touch
020 8875 0200
[email protected]
167 Oakhill Road, London, SW15 2QW
Working hours: Mon-Fri, 9am - 5:30pm
About BSR
Business Sale Report is the UK's leading
independent business for sale & distressed business listing service.
Established in 1995, BSR offers an up-to-the-minute, comprehensive overview of businesses for sale, latest distressed business listings and daily acquisition news.
Subscribe

Subscribe to our newsletter to receive news about the latest businesses for sale.

  • Terms
  • Privacy
  • linkedin
  • facebook
  • twitter
© 1995-2023. Business Sale Report Ltd. All rights reserved. www.business-sale.com.