LONDON: Frasers Group announced the acquisition of certain of the assets of Dave Whelan Sports Limited (DW) from the administrators of DW for an initial cash consideration of £37 million.
Pursuant to the Transaction, the Company has acquired certain of the assets relating to DW’s gym and fitness business, including certain stock but excluding the DW business names and IP. Additional consideration (up to a maximum of £6,900,000) may be payable contingent upon the number of leasehold interests eventually acquired.
For the year ended 31 March 2019 (the last date to which statutory accounts are available for DW and prior to the appointment of the administrators), DW had gross assets of £194,976,000 and made a loss of £20,085,000.
The transaction compliments the existing gym and fitness club portfolio within the Company’s group and is consistent with the group’s elevation strategy. Frasers Group looks forward to elevating the gym and fitness assets acquired pursuant to the Transaction under the group’s existing iconic Everlast brand, and is also pleased to have saved a number of jobs.