JD Sports sells Canterbury and acquires OneTrueSaxon
Sportswear retailer JD Sports Fashion has reached an agreement to sell the Canterbury rugby brand to Pentland, the owner of Berghaus, for £22.7 million. The deal will also see the retailer acquire OneTrueSaxon from Pentland for £50,000.
JD Sports said it had decided to sell Canterbury as it did not believe it would be a key component of the group's future retail proposition. It said the acquisition of OneTrueSaxon was in line with its strategy of acquiring brand and intellectual property assets that help to support its core retail proposition.
Peter Cowgill, executive chairman of JD said: "Having reviewed the options for Canterbury, we are pleased to have agreed its sale to Pentland on terms which are attractive for JD and provide Pentland with the opportunity to further build and develop the Canterbury brand.
"Acquiring the OneTrueSaxon brand will allow us to leverage our in-house expertise and offer new products through our core retail fascias."
The company will invest the proceeds from the sale, which is subject to shareholder approval, in its core retail business.
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