US clothing brand group VF Corporation has snapped up 5% of embattled UK retailer Blacks Leisure Group.

Blacks confirmed to the London Stock Exchange that VF had reached a 4.9% threshold, or 2,131,905 voting rights, through its VF Luxemberg unit.

Blacks is pursuing fundraising efforts for its ongoing turnaround plan following the collapse of a bid by rival Sports Direct last month.

The outdoor goods chain rejected a takeover offer by Sports Direct in mid-March, describing the GBP26.4m (US$40m) bid as “wholly inadequate”.