Sportswear retailer JD Sports Fashion is selling Footasylum to German asset management firm Aurelius Group for an enterprise value of £37.5 million, far less than the £90m price it paid in 2019.

JD Sports bought Footasylum in 2019 for £86m but last year was controversially ordered to sell it by the Competition and Markets Authority which said the combination of the companies could lead to a “worse deal” for consumers.

Aurelius owns Tessuti, Go Outdoors and Lloyds Pharmacy.

JD Sports said total sales for the five months of the year in its like-for-like businesses remain 5% ahead of the same period last year.

The company will name Regis Schultz, former finance head of B&Q, as its CEO, Sky News later reported.