Acquisition of Allsports

John David Group (The) PLC 31 October 2005 31 October 2005 The John David Group PLC Acquisition of Allsports Limited The John David Group PLC ('JD') announces today that it has acquired the trade and most of the assets of Allsports Limited and its subsidiaries ('Allsports') from its Administrator for a total consideration, including estimated fees, of approximately £18 million in cash. The consideration is to be funded by existing and new subordinated bank debt. The assets acquired comprise principally inventories and fixtures and fittings. Allsports unaudited accounts for the year ended 31 January 2005 detailed an operating loss of £0.8 million. Allsports was the fourth largest retailer of general sportswear and sports equipment in the UK market, with 270 stores, until it went into administration in September 2005. Since that time, 92 stores have been closed by the Administrator and JD believes that following the elimination of underperforming stores the acquired business can be run successfully as a complementary fascia to the existing JD fascias. It is expected that the acquisition will be earnings neutral in the current financial year ending 31 January 2006 and earnings enhancing thereafter. Peter Cowgill, Executive Chairman, The John David Group PLC, said: 'We are delighted to have secured the key assets of Allsports from its Administrator. We believe that since the disposal of the underperforming stores the remaining Allsports stores offer an exciting opportunity to expand the offering of JD to our customers.' -ENDS- Enquiries: The John David Group Plc Tel: 0161 767 1000 Peter Cowgill, Executive Chairman Barry Bown, Chief Executive Brian Small, Finance Director Hogarth Partnership Limited Tel: 020 7357 9477 Andrew Jaques Barnaby Fry Charlie Field This information is provided by RNS The company news service from the London Stock Exchange
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