[ad_1]
// A group founded by former Olympic swimmers Steve Parry, Rebecca Adlington and Adrian Turner has been bought by JD Sports
// The retailer said the acquisition has broadened its leisure interests, which now include gyms and pools
JD Sports has acquired a 60% share in Total Swimming Group, a company founded by former Olympic swimmers Steve Parry, Rebecca Adlington and Adrian Turner in a deal that could be worth up to £15m.
The acquisition was announced in JD Sports’ full year results in which it confirmed it saw profits more than double against pre-pandemic levels in a record year.
JD Sports said that due to the proximity of the date of the acquisition, May 27, and the publication of its results, it could not reveal the deal until now.
READ MORE:
The business was founded in a bid to make swimming more accessible and includes Swim!, the first multi-site operator of dedicated children’s learn to swim centres in the UK.
Total Swimming generated revenue of £8.6 million in its 2021 financial year.
JD Sports purchased the stake for an initial cash consideration of £11.1 million with a maximum of £4 million of deferred consideration that is “contingent upon future performance criteria and certain closing conditions”.
The sporting retailer said the acquisition has broadened its leisure interests, which now include gyms and pools.
Click here to sign up to Retail Gazette‘s free daily email newsletter
[ad_2]
Source link >
