{"id":160823,"date":"2019-02-18T12:51:06","date_gmt":"2019-02-18T12:51:06","guid":{"rendered":"https:\/\/www.theindustry.fashion\/jd-sports-acquires-8-3-interest-in-rival-footasylum\/"},"modified":"2021-08-12T13:54:48","modified_gmt":"2021-08-12T13:54:48","slug":"jd-sports-acquires-8-3-interest-in-rival-footasylum","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/jd-sports-acquires-8-3-interest-in-rival-footasylum\/","title":{"rendered":"JD Sports acquires 8.3% interest in rival Footasylum"},"content":{"rendered":"<p>Britain\u2019s largest sports retailer, JD Sports Fashion PLC, has today announced it has<strong> purchased a 8.3% stake in its struggling smaller rival, Footasylum PLC for \u201cinvestment purposes.\u201d<\/strong><\/p>\n<p><!--more-->JD Sports, the FTSE 250 listed sports fashion retailer, added that it is <strong>prepared to acquire up to an aggregate interest of 29.9%<\/strong> in Footasylum (just beneath he 30% threshold that would require it to make a bid under Stock Market rules). JD Sports, however, said it does not intend to make an offer for Footasylum.<\/p>\n<p>As a result of the 8.7m share purchase by JD Sports, <strong>shares in Footasylum shot up 70% to 49.5p<\/strong>, but that is still sharply down on the 164p per share it saw when the business first floated in November 2017.<\/p>\n<p>A spokesman for JD Sports said: \u201cThis share purchase is <strong>a strategic investment for the group,<\/strong> which has confirmed today that it is not intending to make an offer for Footasylum.<\/p>\n<p>\u201cBy publicly disclosing this, and as set out in today\u2019s regulatory announcement, the City Code on Takeovers and Mergers <strong>precludes JD Sports from making any such offer unless specific circumstances change<\/strong>.\u201d<\/p>\n<p>The move follows a number of profit warnings from Footasylum.<strong>\u00a0In January, the firm warned over pressure on full-year earnings<\/strong>, leading its shares to plunge.<\/p>\n<p>At the time, Footasylum said profit margins were hit by steep discounting over the festive season and the chain also warned that<strong> Brexit uncertainty and weakening consumer sentiment<\/strong> were causing \u201csome of the most difficult trading conditions seen in recent years\u201d.<\/p>\n<p>It represented the second profit warning in quick succession and Footasylum also said in October that it would slow down its store opening plans after swinging to <strong>a \u00a32.5m half-year loss.<\/strong><\/p>\n<p>The sports retailer is now cutting costs across the business.<\/p>\n<p>Footasylum was <strong>established in 2005 by the founders of JD Sports, David Makin and John Wardle<\/strong>, who raked in millions when the firm listed on London\u2019s junior AIM market in 2018.<\/p>\n<p>JD Sports snapping up a stake is likely to raise eyebrows in the retail sector, which has experienced severe pain over the past 12 months.<\/p>\n<p>As high street chains have been filing for administration in increasing numbers, Mike Ashley\u2019s <strong>Sports Direct has been on a buying spree, snapping up House of Fraser and Evans Cycles,<\/strong> while also taking a tilt at HMV and Patisserie Valerie.<\/p>\n<p><em>Additional reporting: Press Association<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p> [&hellip;]<\/p>\n","protected":false},"author":39,"featured_media":130548,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[10585,6,10494],"tags":[11771,5626,9952],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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