JD Sports is set to offload one of its subsidiaries for €16.5m (£14.2m), after agreeing to the sale of Sports Unlimited Retail BV (SUR) to Iberian Sports Retail Group SL (ISRG), its 50.02% subsidiary based in Spain.
SUR is a wholly owned company based in the Netherlands, operating under the Aktiesport and Perry Sport fascias.
According to the group, the decision to offload the group was made as ISRG is “more focused” on the sporting goods sector than the core JD brand, and therefore JD felt that the management team “will be better placed to drive growth and higher returns in SUR longer term”.
However, as the parent to ISRG, it said it will continue to make strategic decisions regarding the company’s future.
The transaction is expected to be formally completed on 30 June 2021.
Commenting on the sale, Peter Cowgill, executive chairman, said: “We have an excellent management team at ISRG and, having successfully integrated the Sport Zone business into its operations, this is the right time for ISRG to further expand its geographical reach.
“By consolidating our sporting goods businesses under the ISRG umbrella, we are absolutely confident that the transfer of SUR to ISRG will bring long term development opportunities to both the team at SUR and their international brand partners.”