JD Sports buys Go Outdoors in £128.3m deal

JD Sports has announced its acquisition of Go Outdoors in a deal worth £128.3m.

The sports retailer announced today it has bought the 58-store Sheffield-based retailer, which sells a range of cycling gear, from road, mountain and hybrid bikes, to clothing and accessories, as well as camping and hiking equipment.

The acquisition of Go Outdoors adds to JD Sports’ existing outdoors shops stable, which includes Blacks, Millets, Ultimate Outdoors and Tiso, with a combined revenue in excess of £155m in the 52 weeks to January 2016, and 182 stores.

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Founders Paul Caplan and John Graham will leave the business as a result of the sale.

Peter Cowgill, Executive Chairman of JD Sports, said: "Go Outdoors is a great addition to our existing Outdoor business.

“The minimal overlap in store locations and their out of town, one stop retailer approach complements the work we have done on the high street with Blacks and Millets and further strengthens our offering in the Outdoor sector. I am excited by the future prospects this holds for the JD Group."

Go Outdoors had consolidated revenues of £202.2m for the 53 week period ended 31 January 2016, an operating profit of £6.1m, a pre-tax profit of £4.9m and gross assets of £76.4m.

JD Sports reported record half-year profits in September, with pre-tax profits up 66%, following a record 2015. The company announced plans to expand into Australia, where it acquired Next Athleisure, with 32 stores, and to press ahead with European expansion, despite the Brexit vote, according to the Guardian.

The company also expanded in Malaysia this year.