High Street

Sports Direct seeking Lillywhites London lease sale

Sports Direct has reportedly put the lease for its Lillywhites store in Piccadilly Circus up for sale.

According to The Guardian, the 97-year lease for the 67,000 sq ft building has been put on the market, as landlord Criterion Capital, conducts rent review talks.

Lillywhites has been trading at the site since 1925, The Guardian revealed that documents sent out to potential buyers say rent at the London location could be as much as £4m a year.

The location where Lillywhites is located is already undergoing redevelopment as Tower Records and Criterion are repurposing a nearby Trocadero.

Lillywhites was founded in 1863, and was later sold to Portugese retail group, Jerónimo Martins, in 1995 for £28.5m.

The retail group later sold the sportswear brand to Sports Direct CEO, Mike Ashley in 2002, and now operates two other stores in the UK and three in Kuwait.

Retail Sector has contacted Sports Direct for comment.

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