Mon, 22 Jun 2020 | ADMINISTRATION
JD Sports Fashion has filed a notice of intention to appoint administrators to its subsidiary Go Outdoors. Go Outdoors specialises in camping equipment, bikes and outdoor clothes, it employs around 2,300 people at 67 stores. JD Sports acquired the chain for £112 million in 2016. The notice of intention provides the company legal protection from creditors for ten days.
JD has appointed Deloitte to act as administrators for the chain, which is reported to have run a sale process over recent weeks to sound out potential buyers. According to sources, JD will use an insolvency process to restructure the retailer and is said to be keen to retain control over a slimmed-down Go Outdoors. The company could also seek rent holidays or reductions at some stores or job cuts.
Go Outdoors has struggled over recent years and its problems were exacerbated by forced store closures as a result of the coronavirus pandemic. Some of its stores began to reopen in May, but sales are likely to have been impacted by continued restrictions on outdoor activities and campsites being closed.
Go Outdoors most recent accounts were filed to the year ending February 2 2019. In that period, the company reported turnover of around £240.2 million, up from £232.4 million the year prior. It registered gross profit of £72.9 million, down from £75.7 million in 2018, and reported losses of £802,000, down from a profit of £7 million the year before. EBITDA for the period stood at £9.3 million.
In those financial reports, Go Outdoors reported fixed assets valued at £32.8 million and current assets of £66.2 million. Its total assets less current liabilities were valued at £22 million, with net assets valued at £14.4 million.
View the latest distressed UK businesses here.
This profitable business was established by the present owner in February 2020. First year trading shows turnover of £836,006 and Gross Profits of £225,668 (27%). A well-presented Grocery Store in a prominent trading position in a busy shopping preci...
LEASEHOLD
Provides clients with bespoke design, manufacture, storage and distribution services for all their packaging requirements.
LEASEHOLD
Highly profitable and long established retailer with turnover of £10m. Scalable business model with detailed growth expansion plan.
LEASEHOLD
|
03
|
|
Aug
|
Private equity-backed CTS makes second acquisition of 2021 | BUSINESS SALE
Construction Testing Solutions (CTS) has completed the acqui...
|
03
|
|
Aug
|
Agricultural firm targeting acquisitions after strong results | BUSINESS NEWS
Agricultural firm NWF has said it will consider targeting ac...
|
02
|
|
Aug
|
TGM Partners scoops up manufacturing firms in double acquisition | BUSINESS SALE
TGM Partners, a company specialising in the acquisition and ...
Sign up to receive our acquisition alert emails to get your FREE guide
|
01
|
|
Dec
|
Arcadia collapses into administration | ADMINISTRATION
Sir Philip Green’s Arcadia, the group behind retailers...
|
15
|
|
Oct
|
Gourmet Burger Kitchen acquired by Boparan in deal that sees 26 sites close | BUSINESS SALE
Gourmet Burger Kitchen has been acquired by Boparan Restaura...
|
23
|
|
Sep
|
Cartwright Group enters administration, but fleet and rental arms are sold | ADMINISTRATION
Commercial trailer manufacturer and rentals firm Cartwright ...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources