Sports Direct acquires majority stake in Flannels
Sporting goods retailer Sports Direct has bought a majority stake in the Flannels luxury fashion chain.
The company has acquired a 51% stake in the business for an undisclosed sum. Neil Prosser, the Flannels founder, will remain as managing director of the business with a holding of 49%.
Commenting on the acquisition, Sports Direct chief executive Dave Forsey said: "Flannels is a fantastic business and a perfect fit alongside Cruise and Van Mildert within our premium lifestyle division.
"We look forward to working with Neil and his team to build an even stronger business over the coming years."
Founded in 1976, Flannels has six UK stores in Manchester, Leeds, Nottingham, Liverpool, Birmingham and Cardiff.
Selling brands such as Dolce & Gabbana, Tom Ford, Lanvin and Paul Smith, the company reported a pre-tax loss of £256,000 for the year to 31 March 2011.
Prosser said: "This is a very exciting and transformational deal for Flannels and I am delighted to be working with Sports Direct whose track record in building successful partnerships in retail is second to none."
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