UK: JD Sports sells Canterbury rugby brand to Pentland
UK sportswear retailer JD Sports plans to sell its rugby apparel brand Canterbury to fashion brand operator Pentland Group Plc, and will acquire the OneTrueSaxon casual clothing label from the group in a separate deal.
JD Sports said it agreed to sell Canterbury for GBP22.7m, and will acquire the OneTrueSaxon brand for GBP50,000.
Most of Canterbury's revenue and earnings are located in New Zealand and Australia, territories where JD Sports has limited operations and "significantly distant from the core retail focus of the group in the UK and continental Europe".
The sportswear retailer also said the brand would have been unlikely to form a "key component" of its future retail proposition.
However, acquiring the OneTrueSaxon brand "will allow us to leverage our in-house expertise and offer new products through our core retail fascias," it said.
The Canterbury brand booked an operating profit of GBP400,000 over the year ended 28 January 2012, with a loss of GBP1.1m in the US and GBP800,000 in Europe.
Casual clothing and footwear line OneTrueSaxon was founded in 2000 and in the year ended 31 December 2010 had gross assets of GBP0.6m and made a loss before tax of GBP1.5m.
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