Frasers Group, which owns Sports Direct, House of Fraser, and Flannels, has bought out the retailer’s stores as well as its online operations. Sales at its core sports business decreased 14.6%, but edged up 0.7% including the contribution from the digital gaming group Game, which is now part of that division. [16], In July 2008, it was disclosed that Sports Direct also held a 12.3% holding in the John David Group, parent of JD Sports. Frasers Group PLC , the owner of House of Fraser and Sports Direct, said it is talking to the administrators of Debenhams PLC about potentially buying its … [41] In November 2016, six MPs from the Business and Skills Committee visited Sports Direct, and reported that while there, Sports Direct attempted to place them under surveillance. Total job losses could reach 3,000. [5] Other retailers owned by the company include Jack Wills, Flannels, USC, Lillywhites, Game, and Evans Cycles. Frasers Group to pay initial £37m for ‘certain assets’, which excludes DW business name. The company said multiple offers were on the table for parts of the business but buyers did not want to acquire all the existing sites and 91 of its 250 outlets would remain permanently closed. NEWCASTLE United owner Mike Ashley’s Frasers Group has issued a profit warning. [1] The Lillywhites chain of 10 stores and the Lonsdale brand were acquired in 2002 and by 2003, the number of retail stores had increased to 150. Mike Ashley’s Frasers Group has acquired the gym and fitness chain DW Sports in a deal potentially worth up to £44m. Marks & Spencer – 950 jobs20 July: The high street stalwart cuts management jobs in stores as well as head office roles related to property and store operations. Mulberry – 470 jobs8 June: The luxury fashion and accessories brand is to cut 25% of its global workforce and has started a consultation with the 470 staff at risk. The company was founded by Mike Ashley in 1982 as a single store in Maidenhead trading under the name of "Mike Ashley Sports". The company responded by saying there were unspecified inaccuracies in the reports. [52], The Philippine Competition Commission approved the regulatory filing for the said acquisition. [52], On 10 August 2018, the House of Fraser entered administration. It came as Frasers Group, which also owns Flannels, Evans Cycles, Jack Wills and House of Fraser, said strong online sales and a boost since the first lockdown ended had increased its profits in the last six-month period. Though Arcadia has seen its sales plummet during the UK’s second lockdown ending this week, it has been struggling for years, one of many retailers to suffer from the rapid rise of nimble digital rivals. [51], The brands themselves are an increasingly important part of the business, and Sports Direct made £10 million, from selling the intellectual-property rights to the Slazenger Golf brand to arch-rival JJB in 2005. The company that would later be known as Frasers Property was incorporated in 1963 as Cold Storage Limited, a market and retail chain. “Mike Ashley’s Frasers Group has a track record in snapping up distressed firms and, given DW Sports was a former rival to Sports Direct, it’s an acquisition that is perhaps even more appealing,” said Susannah Streeter, senior investments and markets analyst at Hargreaves Lansdown. [48] Most of these brands were bought from distressed sellers. Celtic Manor – 450 jobs9 July: Bosses at the Celtic Collection in Newport, which staged golf's Ryder Cup in 2010 and the 2014 Nato Conference, said 450 of its 995 workers will lose their jobs. Billionaire Mike Ashley’s Frasers Group said on Thursday that pre-tax profit in the 12 months to 26 April 2020 fell 19.9% to £143.5m ($187.6m). Mike Ashley’s Frasers retail empire has issued a profit warning, saying publicised guidance of a 20% to 30% boost in profits this year is unlikely to be achieved. In 2006 it overtook JJB Sports as the UK's largest sportswear retailer. Marks & Spencer – 7,000 jobs18 August: Food, clothing and homewares retailer cuts jobs in central support centre, regional management and stores. Explore Frasers Property, a diverse, multi-national property company | In residential, retail, commercial, industrial, logistics, hospitality development and management, we believe experience matters. [31], In October 2015, the chief executive of Sports Direct, David Forsey, was charged with a criminal offence for consultation failures over USC staff who only had 15 minutes notice of redundancy. [19][20][21][22], In February 2013, after fashion retailer Republic went into administration, Sports Direct bought 116 Republic stores, the brand name and the company's head office from the administrator for an undisclosed sum. Sports Direct says it intends to run the DW business under its Everlast brand. Monday, January 04 2021 Mike Ashley’s Frasers Group has acquired the stores and online business of fashion retailer Psyche for an undisclosed sum. Mike Ashley’s Frasers Group Plc is in last-ditch talks to buy the ailing Debenhams department store in a move which could save thousands of jobs. SSP Group – 5,000 jobs1 July: The owner of Upper Crust and Caffè Ritazza is to axe 5,000 jobs, about half of its workforce, with cuts at its head office and across its UK operations after the pandemic stalled domestic and international travel. Clarks – 900 jobs21 May: Clarks plans to cut 900 office jobs worldwide as it grapples with the growth of online shoe shopping as well as the pandemic. The Information Commissioner's Office stated it was aware of "an incident from 2016 involving Sports Direct" and would "be making enquiries. Underlying pre-tax profits for the group fell by 18% to £117.4m in the year to 26 April. Mike Ashley’s Frasers Group has reported an 18% rise in pre-tax profits as it continues talks about the potential acquisition of Debenhams. The acquisition allowed Sumitomo Rubber to consolidate the Dunlop brand across various products including sports goods worldwide. By Isabella Fish 5 January 2021. The Sports … [46] This was followed by the acquisitions of outdoor gear manufacturer Karrimor in March for a reported £5 million. [1] The number of retail stores had now increased to 50, along with the acquisition of the tennis and golf brand, Donnay. [57], In December 2020, Debenhams announced it was going into liquidation, putting 12,000 jobs in 124 UK stores at risk unless the administrators could find buyers for all or parts of the business. [1][11] In 2005 the company began a major rebrand of the stores, changing the fascias to Sports World. DW Sports – 1,700 jobs at risk3 August: DW Sports fell into administration, closing its retail website immediately and risking the closure of its 150 gyms and shops. The number of retail stores had now increased to 50, along with the acquisition of the tennis and golf brand, Donnay. Debenhams saw a glimpse of hope when Mike Ashley’s Frasers Group confirmed over the weekend that it was in 11th-hour talks with the department … (Bloomberg) -- Mike Ashley’s Frasers Group Plc is in last-ditch talks to buy the ailing Debenhams department store in a move which could save thousands of jobs. House of Fraser owner threatens landlords with store closures over rent, Sign up to the daily Business Today email. Established in 1982 by Mike Ashley, the company is the United Kingdom's largest sports-goods retailer and operates roughly 670 stores worldwide. [9] Mike Ashley has continued to hold a majority stake in the business, and his holding has been 61.7 percent since October 2013. Monsoon Accessorize – 545 jobs11 June: The fashion brands were bought out of administration by their founder, Peter Simon, in June, in a deal in which 35 stores closed permanently and 545 jobs were lost. Frasers Group was reported to be in talks to acquire Debenhams,[58][59][60] though it was later reported that Ashley was mainly interested in using empty Debenhams stores to expand his other chains, including House of Fraser, Sports Direct and Flannels; taking 'vacant possession' would avoid redundancy costs for existing staff. [6] Its ownership of the Everlast name inspired the launch of the Everlast Fitness Club chain in 2020.[7]. Azzurri – 1,200 jobs17 July: The owner of the Ask Italian and Zizzi pizza chains closes 75 restaurants and makes its Pod lunch business delivery only. Frasers already owns the House of Fraser chain, another department store, which it also bought out of administration, providing potential synergies if he were to merge the two. Marston's - 2,150 jobs15 October: Marston's  - the brewer which owns nearly 1,400 pubs, restaurants, cocktail bars and hotels across the UK - said it would cut 2,150 jobs due to fresh Covid restrictions. In 1987, Fraser and Neave and Goodman Fielder Wattietook control of Cold Storage Holdings, the holding group f… Major Baltic sports retailer in which Sports Direct acquired a 60% stake in May 2013. Costa Coffee – 1,650 jobs3 September: The company, which was bought by Coca-Cola two years ago, is cutting up to 1,650 jobs in its cafes, more than one in 10 of its workforce. [11], In 2016, Sumitomo Rubber Industries, a global tyre, sports goods, and industrial rubber products manufacturing company based in Kobe, Japan, filed for regulatory approval before the Philippine Competition Commission in connection with its planned acquisition of Dunlop-related wholesale, manufacturing, and licensing business from Sports Direct. [61], Austrian sports chain in a 51% stake was acquired for €40.5m (£34.6m) in May 2013. Administrators BDO said 43 of the group’s 73 gyms – three not yet reopened – and 31 of its 50 shops had been transferred to Frasers Group. The cuts include the 1,000 job losses announced on 6 July. The company said it intended to run the gym and fitness business using its Everlast brand, the American boxing kit manufacturer made famous by Muhammad Ali, which the business acquired in 2007 for $168m (£128m). Debenhams – 4,000 jobs9 April: At least 4,000 jobs will be lost at Debenhams in its head office and closed stores after its collapse into administration in April, for the second time in a year. [14] In May 2007, it was also revealed that Ashley had held talks with John Hargreaves, founder of Matalan on both taking a 25% stake in the troubled retail business and installing mezzanine floors in larger Matalan stores, on which SportsDirect.com outlets could be operated. The chain, part of Mike Ashley's Frasers Group that owns Sport Direct, has closed about 10 of the 59 stores bought out of administration in 2018. [1] In 1984, Preston Sports shop was opened in London and by 1992 the company had 12 stores. [45], In February 2004, the company acquired Dunlop Slazenger for around £40 million, which included the Dunlop, Slazenger and Carlton brands. Harveys – 240 jobs30 June: Administrators made 240 redundancies at the furniture chain Harveys, with more than 1,300 jobs at risk if a buyer cannot be found. [56], On 24 August 2020, it was announced that Frasers Group would buy "certain" assets from DW Sports Fitness for £37m, but would not be using the firm's brand name. “The transaction complements the existing gym and fitness club portfolio within the company’s group and is consistent with the group’s elevation strategy,” the company said. DW’s Fitness First Clubs have been unaffected by the administration and the subsequent sale. Dixons Carphone – 800 jobs4 August: Electronics retailer Dixons Carphone is cutting 800 managers in its stores as it continues to reduce costs. The deal saved around 550 jobs. The company has more than 14,000 employees. Along with the group name change, Ashley is preparing to turn up to seven of House of Fraser’s 50-plus stores into a new luxury mini-chain to be called Frasers. Frasers Group (FRAS.L), the retail company owned by billionaire Mike Ashley, is committed to physical stores despite the decline of the high street. and Assets Owned by Dunlop Sports Group Americas, Inc. - Philippine Competition Commission", "House of Fraser bought by Mike Ashley's Sports Direct for £90m", "Evans Cycles sold to Mike Ashley's Sports Direct as part of pre-pack administration", "Mike Ashley buys Sofa.com for "nominal sum, "Mike Ashley wins race to buy Jack Wills", "Mike Ashley buys long-time rival's sports business", "Mike Ashley makes eleventh-hour play for Debenhams", "How can Mike Ashley's Frasers Group revive Debenhams? John Lewis – 1,300 jobs9 July: John Lewis announced that it is planning to permanently close eight of its 50 stores, including full department stores in Birmingham and Watford, with the likely loss of 1,300 jobs. Psyche owner Steve Cochrane, who will continue as CEO following the takeover, told the BBC the deal would secure the future of his company and its 58 workers. Harrods – 700 jobs1 July: The department store group is cutting one in seven of its 4,800 employees because of the “ongoing impacts” of the pandemic. [1], In late November 2006, a number of business newspapers reported that Ashley was looking at an IPO of Sports World International. The sale is due to be completed by May 2017. foot unit in Dunstable. [55], On 5 August 2019, Sports Direct purchased Jack Wills out of administration for £12.7 million after winning a competition against Edinburgh Woollen Mill. The stock market purchase of 56.8 million shares (worth around £46m) was made without the prior knowledge of the Debenhams board. The owner of the Sports Direct brand confirmed it was in negotiations in an emailed statement and said “we hope to be able to save as many jobs as possible” at Debenhams, one of the UK’s most iconic retail brands. Oasis and Warehouse – 1,800 jobs30 April: The fashion brands were bought out of administration by the restructuring firm Hilco in April, with all of their stores permanently closed and 1,800 jobs lost. [1] 1995/96 saw the stores change to "Sports Soccer" along with the re-location of head office and warehouse to a 100,000 sq. Laura Ashley – 2,700 jobs17 March: Laura Ashley collapsed into administration, with 2,700 job losses, and said rescue talks had been thwarted by the pandemic. Sports Direct owner Frasers Group has acquired some of the assets of Dave Whelan Sports from its administrators for an initial sum of £37 million. Frasers Group acquires Psyche. The first property it developed was a shopping centre known as The Centrepoint located on Singapore's Orchard Road. Sports Direct owner Frasers Group has seen its half year pre-tax profit rise by 17.6% to £106.1 million. [47] In 2006 he acquired Kangol for an estimated £12 million. - Retail Gazette", "Mike Ashley's Frasers Group in talks to buy collapsed Debenhams", "Debenhams gift cards expire as Mike Ashley considers empty stores", Major European expansion for Sports Direct, "Mike Ashley's Frasers Group snaps up stake in luxury brand Mulberry", "Sports Direct sells Dunlop for $137m | Business", "Ashley sells Original Shoe Company to JJB", Henderson Smaller Companies Investment Trust, JPMorgan Emerging Markets Investment Trust, JPMorgan European Smaller Companies Trust, Sequoia Economic Infrastructure Income Fund, Templeton Emerging Markets Investment Trust, https://en.wikipedia.org/w/index.php?title=Frasers_Group&oldid=999978630, Sporting goods retailers of the United Kingdom, Companies listed on the London Stock Exchange, Articles with dead external links from October 2010, Short description is different from Wikidata, Creative Commons Attribution-ShareAlike License, This page was last edited on 12 January 2021, at 22:34. Sports Direct-branded stores exist under a franchising agreement in South Africa and the Middle East. [10] It is listed on the London Stock Exchange and it is a constituent of the FTSE 250 Index. Sports Direct stated at the time it intended to be a supportive share holder. The Debenhams board responded by stating they were open-minded with regard to exploring operational opportunities to improve its performance. In the early 1980s, the firm began divesting its non-property assets. Casual Dining Group – 1,900 jobs2 July: The owner of the Bella Italia, Café Rouge and Las Iguanas restaurant chains collapsed into administration, with the immediate loss of 1,900 jobs. Outside of retail outlets, the company owns numerous brands, including Everlast, Lonsdale and Slazenger. Total group revenues increased from £3.7bn to £3.9bn after a number of acquisitions including Game, Sofa.com and the fashion brand Jack Wills. Last week Frasers Group threatened to close stores if landlords did not agree to move to rents based on sales figures, saying that Brexit and the coronavirus pandemic had led to “the most challenging year in the history of the company”. A union official suggested that these practices were illegal as they brought workers' earnings below the minimum wage. Mike Ashley's Frasers Group saves 922 jobs in £37m DW deal. [42] In February 2017, it was reported that Sports Direct had failed to inform its workforce of a data breach of their personal information after an attacker gained access to its internal systems in September 2016. “the most challenging year in the history of the company”. Prior to the company entering administration, Sports Direct's Mike Ashley held an 11% stake in the company. [23] In July 2013, more than 2,000 full-time staff were awarded around £70,000 each under the company's bonus share scheme. therefore the 19,000 staff above is actually substantially fewer. [37] Workers on zero-hours contracts are not included in the rise and neither are those already paid more than minimum wage (management/supervisors etc.) The uplift was largely driven by strong trading in its stores after lockdown, growth in online sales, new Flannels stores and continued operating efficiencies. Arcadia – 500 jobs1 July: Arcadia, Sir Philip Green’s troubled fashion group – which owns Topshop, Miss Selfridge, Dorothy Perkins, Burton, Evans and Wallis – said in July 500 head office jobs out of 2,500 would go in the coming weeks. [18] It was announced on 1 October 2012, that Sports Direct had purchased rival retailer JJB's brand name, website, 20 stores and all of their stock in a deal for approximately £24m. TM Lewin – 600 jobs30 June: Shirtmaker TM Lewin closed all 66 of its outlets permanently, with the loss of about 600 jobs. Frasers Group, which owns companies including Flannels, Sports Direct and Jack Wills, also said it had an eye on an acquisition if Arcadia does collapse. In 1984, Preston Sports shop was opened in London and by 1992 the company had 12 stores. "[43], The company announced on 16 December 2019 that it would change its name from Sports Direct International plc to Frasers Group plc effective from 17 December 2019. The overall deal, which excludes the DW business names and intellectual property, could be boosted by a further £6.9m, depending on how many of the property lease holdings Frasers Group acquires. The company is best known for trading predominantly under the Sports Direct brand, which operates in both physical outlets and online. Pizza Express – 1,100 jobs7 September: The restaurant chain confirms the closure of 73 restaurants as part of a rescue restructure deal. Pret a Manger – 1,000 jobs6 July: Pret a Manger is to permanently close 30 branches and could cut at least 1,000 jobs after suffering “significant operating losses” as a result of the Covid-19 lockdown. High street and internet retailer created from the merger of Sports Soccer and Sports World, and progressively rebranded as SportsDirect.com since 2007 after the company's, Purchased by Gilesports and merged with SportsDirect.com, "SPORTS DIRECT INTERNATIONAL PLC - Overview (free company information from Companies House)", "Mike Ashley's Frasers Group unveils £100m incentive for staff", "Frasers says it will strengthen its gym and fitness business Everlast with latest acquisition. DW Group, founded by the former Wigan Athletic owner Dave … The Frasers sites will … Ashley incorporated the business in … In … Frasers Group in the firing line after profit warning Frasers Group, the owner of Sports Direct, is not the only retailer set to suffer now that new Covid restrictions have been introduced. [30], From January 2013 to December 2014, 76 ambulances or paramedic cars were sent to the postcode for Sports Direct's distribution centre, according to a Freedom of Information request by the BBC. Investors in Sports Direct owner Frasers Group are hoping that the company will have been boosted by strong online and reopening sales when it reveals … [34] A representative from the charity ShareAction claimed that workers are "jeopardising their health" for fear of being dismissed while another shareholder said the company's reputation as an employer was "atrocious". The company was founded by Mike Ashley in 1982 as a single store in Maidenhead trading under the name of "Mike Ashley Sports". “It’s likely to be some time before people bound back to the gym in greater numbers and it can be ascertained whether this latest acquisition will have been the right choice for the company.”, BDO’s Graham Newton said: “We are pleased to have achieved a sale of a significant part of the DW Sports business as a going concern, as this will not only secure employment for the majority of employees, but should also result in a return to the company’s creditors in due course.”. “Frasers Group looks forward to elevating the gym and fitness assets acquired … under the group’s existing Everlast brand.”. WH Smith – 1,500 jobs5 August: The chain, which sells products ranging from sandwiches to stationery, will cut jobs mainly in UK railway stations and airports. 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