Mon, 17 Aug 2020 | BUSINESS NEWS
Mike Ashley’s Frasers Group has reportedly bid in excess of £30 million to acquire DW Sports from administrators. Dave Whelan’s DW Sports, which operated 73 gyms and 75 stores and employs over 1,700 people, went into administration earlier this month.
DW Sports website ceased trading with immediate effect when it entered administration, while 25 stores had already been closed down, with the remaining 50 entering closing-down sales. The company said it hoped to save as many gyms as possible but that it was “inevitable” that some would close down. Fitness First, which is also owned by the Whelan’s, was not affected.
Administrators BDO are thought to have been seeking a sale for around £20 million and it had been speculated that the Whelan family could look to buy back the business, less its liabilities. BDO says it has “received a number of serious and credible offers”.
Mike Ashley’s group have become well-known for targeting distressed high-street retailers, including Jack Wills and House of Fraser. Acquiring DW Sports would increase Frasers Group’s estate to 880 stores.
Frasers Group, which reported a 14 per cent increase in half-year sales to £2 billion in October 2019, last week delayed its annual results, saying that auditors required more time. Its shares are down 38 per cent to 283.4p since the start of this year, valuing the group at £1.5 billion.
Prior to entering administration, DW Sports’ most recent available accounts, for the year ended March 31 2019, show turnover of £222.2 million, with its fitness clubs generating £137.9 million in revenue and retail stores £84.3 million.
Its fixed assets stood at £146.9 million, current assets at £43.6 million, with net current liabilities of £58.7 million and net assets of around £55 million.
Find businesses for sale here.
If you are looking for an exit, we can help!
A small team of three of us focus on sales, purchasing, and administrative tasks. The business could easily be integrated within an existing team to support higher profits.
RELOCATABLE
Specialises in sales of rare, vintage and celebrity-owned instruments, including acoustic, electric and bass guitars, as well as amplifiers, effects pedals and accessories.
LEASEHOLD
Offers an extensive range of sports, prestige and exotic vehicles to customers and clients throughout the UK. Utilises a highly experienced team to provide vehicle servicing, valeting and detailing, delivering cars on time, within budget and with a h...
LEASEHOLD
|
09
|
|
Apr
|
Topshop flagship store up for sale | COMMERCIAL PROPERTY
Topshop's flagship Oxford Street store in London is dra...
|
09
|
|
Apr
|
Gestamp’s former Washington warehouse hits the market in £6.5m auction | COMMERCIAL PROPERTY
The former Washington base of international car parts manufa...
|
08
|
|
Apr
|
Decorating contractor targets acquisitions after MBO | MBO/MBI
Scottish commercial decorating contractor Bell Group has com...
Sign up to receive our acquisition alert emails to get your FREE guide
|
08
|
|
Jan
|
Nightclub operator Deltic acquired by Rekom in cut-price deal | BUSINESS SALE
UK nightclub operator Deltic has been acquired by Scandinavi...
|
01
|
|
Dec
|
Arcadia collapses into administration | ADMINISTRATION
Sir Philip Green’s Arcadia, the group behind retailers...
|
30
|
|
Nov
|
Arcadia retail empire on brink of collapse [updated] | BUSINESS NEWS
Sir Philip Green’s Arcadia group, which includes brand...
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