Frasers acquires DW gym assets in £37m deal
DW’s gym assets have been snapped up
Mike Ashley’s Frasers Group, which includes Sports Direct and Jenners, has acquired the gym and fitness assets of Dave Whelan Sports from the administrators of DW for an initial sum of £37 million.
The deal includes certain stock but excludes the DW business names and IP. An additional payment of to £6.9m may be payable for a number of sites.
DW Sports entered administration earlier this month, placing over 1700 employees at risk.
For the year ended 31 March 2019 DW had gross assets of just under £195m and made a loss of £20m.
Frasers said the transaction “complements the existing gym and fitness club portfolio within the company’s group and is consistent with the group’s elevation strategy.
“Frasers Group looks forward to elevating the gym and fitness assets acquired pursuant to the rtransaction under the group’s existing iconic Everlast brand, and is also pleased to have saved a number of jobs.”