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.
Specialises in the supply of high-quality and high-performance diving equipment on a national and international basis; it is now for sale.
FREEHOLD
Suppliers of contemporary and modern lighting for the retail, wholesale and contract markets throughout the UK and internationally. Offers an extensive range of interior and exterior lighting products across a wide range of product categories. 80% of...
LEASEHOLD
The shop is ideally located between Bournemouth and Christchurch close to multiple beauty spots. The business enjoys regular all year-round trade from the local community and from those working in the area. Additionally, the business enjoys a signifi...
LEASEHOLD
16
|
May
|
Manx Financial Group to acquire Payment Assist in potential £9m deal | BUSINESS SALE
Manx Financial Group Plc has announced the acquisition of Pa...
13
|
May
|
Assets set to be sold as modular housing joint venture enters administration | ADMINISTRATION
The US House Group modular housing joint venture has fallen ...
12
|
May
|
Bathroom panel firm acquired for up to 9.1x EBITDA | BUSINESS SALE
Bathroom and kitchen products firm Norcros has agreed a deal...
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