Mike Ashley’s Frasers Group makes £30m bid for DW Sports

Mike Ashley’s Frasers Group has reportedly made a takeover bid for former rival Dave Whelan’s DW Sports.

According to the Sunday Times, Frasers Group has offered £30m to administrators BDO for the DW estate, which comprises 73 gyms and 75 stores. It is also thought that BDO was looking for offers of around £20m. 

Earlier this month, DW Sports collapsed into administration, placing around 1,700 jobs at risk.

BDO announced that its restructuring partners, Graham Newton and Ryan Grant, were appointed joint administrators of the sportswear and fitness company on 3 August 2020. 

The accountancy firm told the Times it was acting in a “consistent and fair manner” and had received “a number of serious and credible offers”.

If the deal is to go through, DW would join an ever-growing list of companies Ashley has acquired out of difficulty, including Evans Cycles, Jack Wills, House of Fraser and Game.

The news also comes after Frasers Group revealed it was to delay the publication of its annual results for the second consecutive year.

It had been scheduled to release its latest set of financial results on 13 August, but has since been pushed back to 20 August.

Frasers said that the delay was largely due to final IFRS 16 disclosures still being “completed and reviewed”.

It added that “due to the undoubted scrutiny” of its accounts, its auditors RSM will take the extra week to “robustly review” the final accounts.