UK: Sports Direct poised to net Hot Tuna
Sporting goods and retail company Sports Direct is poised to acquire the Hot Tuna surf fashion brand in a GBP950,000 (US$1.45m) deal.
The board of Hot Tuna, which would become an investment “shell” company after the sale of the Hot Tuna brand and stock, is recommending that shareholders approve the deal in a meeting on 6 February.
The proceeds of the sale to Sports Direct subsidiary Brands Holdings – already the owner of labels including Slazenger and Dunlop – would be used partly to pay off debts, leaving cash balances of about GBP0.6m, Hot Tuna said.
The shell company, to be renamed Concha, might then become a target for companies looking to gain access to the AIM exchange – where Hot Tuna is currently listed – via a reverse takeover.
The potential acquisition for Sports Direct comes after the company expressed its disappointment over last week’s sale of the ailing Blacks retail business to rival JD Sports.
Hot Tuna had put its eponymous brand up for sale in November last year following a run of poor results, dwindling sales and rising debts.
Under the terms of the Brands Holdings acquisition of Hot Tuna, current chairman Francis Ball would step down to be replaced by Mark Battles, while current Hot Tuna directors Geoffrey O’Connell and Oscar Verden would also resign, with Marcus Yeoman staying on as a director.
UK sportswear retailer Sports Direct today (13 July) said it has acquired a 51% stake in luxury retail group Flannels....
Retailer JD Sports Fashion recorded a 1.5% increase in like-for-like sales in the 19 weeks to 9 June, but margins came under pressure as offers continued to drive the market....
UK retailer Sports Direct is expected to join the running for Umbro after the sportswear giant put the football wear brand up for sale last week. ...
Strong sales at UK sportswear retailer Sports Direct have led it to raise its earnings targets and increase the size of a payout to founder Mike Ashley....
- Why China 5-year plan won't change garment-making
- ‘Fixing Fashion’ one stitch at a time
- Navigating a turbulent sourcing landscape
- Supply chains under pressure as Black Friday looms
- Jordan garment sector strong amid regional unrest
- US Q3 in brief: Burlington Stores, Guess, Chico's
- Global clothing and footwear trade to drop by 1.5%
- Cambodia living wage campaign kicks off
- New Balance launches first 3D printed running shoe
- German sustainable textile scheme heads to Vietnam
- Wearable technology: The future market potential for smart garments and e-textiles
- Practical Brand Sourcing Strategy
- Statistics: Trends in Global and Regional Man-made Fibre Production - 2015
- Myanmar's Garment Sector in 2015 - now with updated members' directory
- Technical Textile Markets: Product Developments and Innovations - 2nd Quarter 2015