Leading Irish Sports goods retailer, Champion Sports, has been sold to JD Sports in a deal that is reported this morning to be worth €19.6million
It is believed that Chamion Sports was in financial difficulty with substantial outstanding debts to Anglo Irish Bank, one of the state owned banks in Ireland. Of the €19.6m it is understood that €17.1m goes to settle the Anglo Irish Bank loan and €2.5m goes to shareholders.
Champion Sports was set up in 1992 and was taken over in 2006 by “PCP One” for €40m. However, the recession has hit the retailer and in 2009 it made an operating loss of €1.8m on turnover of €54m.
JD Sports currently has only a minimal presence in the Irish market with just 8 stores. The addition of the 22 Irish stores will bring huge efficiency gains to the operation in Ireland.