Search

Retailer in Norwich purchases sportswear competitor

PUBLISHED: 11:52 18 March 2019 | UPDATED: 15:48 18 March 2019

JD Sports is in Norwich's intu Chapelfield. Picture: Neil Didsbury

JD Sports is in Norwich's intu Chapelfield. Picture: Neil Didsbury

Archant

JD Sports has announced it is buying out its competitor Footasylum in a £90m deal.

The chain, which has an outlet in Norwich’s Chapelfield shopping mall, revealed the news just a month after saying it had no intention of purchasing its fellow retailer.

JD Sports also has two other stores in Norfolk: one in Great Yarmouth’s Market Gates shopping centre, and one in King’s Lynn.

Pentland, the majority shareholder of JD Sports, also has a 2.6% holding in Footasylum.

Barry Bown, executive chairman of Footasylum, said: “The Footasylum board has concluded that the offer represents the best strategic option for Footasylum and its employees.

“It believes the offer fairly reflects Footasylum’s current market position and prospects on a standalone basis and, as such, that Footasylum shareholders should be given the opportunity to realise value from the offer.”

The offer will be subject to a shareholder vote, with the deal expected to complete in April or May.


If you value what this story gives you, please consider supporting the Eastern Daily Press. Click the link in the orange box above for details.

Become a supporter

This newspaper has been a central part of community life for many years. Our industry faces testing times, which is why we're asking for your support. Every contribution will help us continue to produce local journalism that makes a measurable difference to our community.

Latest from the Eastern Daily Press