Retailer in Norwich purchases sportswear competitor
PUBLISHED: 11:52 18 March 2019 | UPDATED: 15:48 18 March 2019
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.