Psyche owner Steve Cochrane, who has run the business for the past 38 years and will continue as CEO following the takeover, said the deal would secure the future of his company and its 58 workers. [1][11] In 2005 the company began a major rebrand of the stores, changing the fascias to Sports World. Sports Direct-branded stores exist under a franchising agreement in South Africa and the Middle East. Mike Ashley’s Frasers Group Plc is in last-ditch talks to buy the ailing Debenhams department store in a move which could save thousands of jobs. [61], Austrian sports chain in a 51% stake was acquired for €40.5m (£34.6m) in May 2013. Mike Ashley’s Frasers Group has acquired the gym and fitness chain DW Sports in a deal potentially worth up to £44m. Frasers Group to pay initial £37m for ‘certain assets’, which excludes DW business name. The first property it developed was a shopping centre known as The Centrepoint located on Singapore's Orchard Road. Boots – 4,000 jobs9 July: Boots is cutting 4,000 jobs – or 7% of its workforce – by closing 48 opticians outlets and reducing staff at its head office in Nottingham as well as some management and customer service roles in stores. [56], On 24 August 2020, it was announced that Frasers Group would buy "certain" assets from DW Sports Fitness for £37m, but would not be using the firm's brand name. “the most challenging year in the history of the company”. [17] The stake is currently 11.9% of JD Sports as of November 2013. Mike Ashley’s Frasers Group has acquired the gym and fitness chain DW Sports in a deal potentially worth up to £44m, but only half of the company’s jobs have been saved. But Frasers Group has been a rare bright spot, forecasting growth despite COVID-19. [45], In February 2004, the company acquired Dunlop Slazenger for around £40 million, which included the Dunlop, Slazenger and Carlton brands. Frasers Group: Owner of Frasers Group Mike Ashley says he has been "frozen out" of the auction of Debenhams, reports The Sunday Times, as restructuring firm Hilco is preparing to liquidate parts of the department store's business. Mulberry – 470 jobs8 June: The luxury fashion and accessories brand is to cut 25% of its global workforce and has started a consultation with the 470 staff at risk. A union official suggested that these practices were illegal as they brought workers' earnings below the minimum wage. Burberry – 500 jobs worldwide15 July: Total includes 150 posts in UK head offices as luxury brand tries to slash costs by £55m after a slump in sales during the pandemic. [31], In October 2015, the chief executive of Sports Direct, David Forsey, was charged with a criminal offence for consultation failures over USC staff who only had 15 minutes notice of redundancy. [11], In 2016, Sumitomo Rubber Industries, a global tyre, sports goods, and industrial rubber products manufacturing company based in Kobe, Japan, filed for regulatory approval before the Philippine Competition Commission in connection with its planned acquisition of Dunlop-related wholesale, manufacturing, and licensing business from Sports Direct. Frasers Group, which owns companies including Flannels, Sports Direct and Jack Wills, also said it had an eye on an acquisition if Arcadia does collapse. SSP Group – 5,000 jobs1 July: The owner of Upper Crust and Caffè Ritazza is to axe 5,000 jobs, about half of its workforce, with cuts at its head office and across its UK operations after the pandemic stalled domestic and international travel. In the early 1980s, the firm began divesting its non-property assets. (Bloomberg) -- Mike Ashley’s Frasers Group Plc is in last-ditch talks to buy the ailing Debenhams department store in a move which could save thousands of jobs. Harrods – 700 jobs1 July: The department store group is cutting one in seven of its 4,800 employees because of the “ongoing impacts” of the pandemic. [28] Sumitomo already own the rights to the brand in Japan, South Korea and Taiwan. Sports Direct says it intends to run the DW business under its Everlast brand. Sports Direct stated at the time it intended to be a supportive share holder. The company was founded by Mike Ashley in 1982 as a single store in Maidenhead trading under the name of "Mike Ashley Sports". Mike Ashley’s Frasers Group has reportedly acquired the stores and online business of premium independent Psyche, for an undisclosed sum. Investors in Sports Direct owner Frasers Group are hoping that the company will have been boosted by strong online and reopening sales when it reveals … Frasers already owns the House of Fraser chain, another department store, which it also bought out of administration, providing potential synergies if he were to merge the two. [6] Its ownership of the Everlast name inspired the launch of the Everlast Fitness Club chain in 2020.[7]. [5] Other retailers owned by the company include Jack Wills, Flannels, USC, Lillywhites, Game, and Evans Cycles. [1] The Lillywhites chain of 10 stores and the Lonsdale brand were acquired in 2002 and by 2003, the number of retail stores had increased to 150. Outside of retail outlets, the company owns numerous brands, including Everlast, Lonsdale and Slazenger. Mike Ashley’s Frasers Group has reported an 18% rise in profits today. Debenhams – 4,000 jobs9 April: At least 4,000 jobs will be lost at Debenhams in its head office and closed stores after its collapse into administration in April, for the second time in a year. The rest have been closed but some may be reopened by Frasers in due course, said BDO. DW’s Fitness First Clubs have been unaffected by the administration and the subsequent sale. M&Co – 400 jobs5 August: M&Co, the Renfrewshire-based clothing retailer, formerly known as Mackays, will close 47 of 215 stores. The deal includes the company’s gym and fitness business as well as some stock, but excludes the Dave Whelan business names and intellectual property. [30], From January 2013 to December 2014, 76 ambulances or paramedic cars were sent to the postcode for Sports Direct's distribution centre, according to a Freedom of Information request by the BBC. Frasers Group, which owns Sports Direct, House of Fraser, and Flannels, has bought out the retailer’s stores as well as its online operations. [1] In 1984, Preston Sports shop was opened in London and by 1992 the company had 12 stores. The company responded by saying there were unspecified inaccuracies in the reports. [52], On 10 August 2018, the House of Fraser entered administration. 06-M-077/2016: Acquisition by Sumitomo Rubber Industries Ltd. of Shares in Dunlop Brands Limited, et al. Frasers Group acquires Psyche. The number of retail stores had now increased to 50, along with the acquisition of the tennis and golf brand, Donnay. [52], Sumitomo Rubber intended to acquire the entire issued share capital of Dunlop Brands Limited, Dunlop Slazenger 1902 Limited, and Dunlop Australia Limited, and the Dunlop-related business of Dunlop Sports Group Americas, Inc. which are subsidiaries of Sports Direct. Along with the group name change, Ashley is preparing to turn up to seven of House of Fraser’s 50-plus stores into a new luxury mini-chain to be called Frasers. The slump in … [12] The group debuted on the exchange on 27 February 2007. [57], In December 2020, Debenhams announced it was going into liquidation, putting 12,000 jobs in 124 UK stores at risk unless the administrators could find buyers for all or parts of the business. The Newcastle United owner's retail empire has bought some of its former rival's gym and fitness assets out of administration. He hired Merrill Lynch, who valued the group at up to £2.5bn ahead of a possible flotation on the London Stock Exchange. [41] In November 2016, six MPs from the Business and Skills Committee visited Sports Direct, and reported that while there, Sports Direct attempted to place them under surveillance. Frasers Group plc (formerly Sports Direct International plc) is a British retail group, named after its ownership of British department store chain, House of Fraser. The Debenhams board responded by stating they were open-minded with regard to exploring operational opportunities to improve its performance. [51], The brands themselves are an increasingly important part of the business, and Sports Direct made £10 million, from selling the intellectual-property rights to the Slazenger Golf brand to arch-rival JJB in 2005. Frasers Hospitality, a member of Frasers Property Group, is a global hospitality operator with Gold-Standard serviced apartments, hotel residences and boutique lifestyle hotels across Australia, Southeast Asia, North Asia, Middle East, Africa, Europe and the UK. Total job losses could reach 3,000. [55], On 5 August 2019, Sports Direct purchased Jack Wills out of administration for £12.7 million after winning a competition against Edinburgh Woollen Mill. In 2006 it overtook JJB Sports as the UK's largest sportswear retailer. [1] The number of retail stores had now increased to 50, along with the acquisition of the tennis and golf brand, Donnay. Arcadia – 500 jobs1 July: Arcadia, Sir Philip Green’s troubled fashion group – which owns Topshop, Miss Selfridge, Dorothy Perkins, Burton, Evans and Wallis – said in July 500 head office jobs out of 2,500 would go in the coming weeks. In 1984, Preston Sports shop was opened in London and by 1992 the company had 12 stores. Pizza Express – 1,100 jobs7 September: The restaurant chain confirms the closure of 73 restaurants as part of a rescue restructure deal. Mike Ashley’s Frasers Group has reported an 18% rise in pre-tax profits as it continues talks about the potential acquisition of Debenhams. Established in 1982 by Mike Ashley, the company is the United Kingdom's largest sports-goods retailer and operates roughly 670 stores worldwide. [16], In July 2008, it was disclosed that Sports Direct also held a 12.3% holding in the John David Group, parent of JD Sports. Mike Ashley's Frasers Group saves 922 jobs in £37m DW deal. [54], In February 2019 the group acquired Sofa.com for a nominal sum. Whitbread - 6,000 jobs22 September: Whitbread, which owns the Premier Inn, Beefeater and Brewers Fayre chains, said it would cut 6,000 jobs at its hotels and restaurants, almost one in five of its workforce. Ted Baker – 500 jobs19 July: About 200 roles to go at the fashion retailer’s London headquarters, the Ugly Brown Building, and the remainder at stores. Clarks – 900 jobs21 May: Clarks plans to cut 900 office jobs worldwide as it grapples with the growth of online shoe shopping as well as the pandemic. DW Group, founded by the former Wigan Athletic owner Dave Whelan, fell into administration last month, putting 1,700 jobs at risk, and Monday’s deal safeguards 922 of those. [48] Most of these brands were bought from distressed sellers. Mr Wootton said Frasers is still in talks around potentially buying Debenhams, after the Sports Direct owner confirmed it was in talks over a move on Monday. Mike Ashley’s Frasers retail empire has issued a profit warning, saying publicised guidance of a 20% to 30% boost in profits this year is unlikely to be achieved. Billionaire Mike Ashley’s Frasers Group said on Thursday that pre-tax profit in the 12 months to 26 April 2020 fell 19.9% to £143.5m ($187.6m). [35], Late in December 2015 Sports Direct announced a 15 pence per hour increase for staff currently receiving less than minimum wage, taking them above minimum wage,[36] the annual cost of this was said in the announcement to be ~£10 Million (GBP); however it was immediately noted that £0.15p × 37.5 hours × 19,000 staff × 52 weeks = 5,557,500 (~£5.5 million), this and other factors resulted in many (including Unite) calling it a "PR Stunt". The company was founded by Mike Ashley in 1982 as a single store in Maidenhead trading under the name of "Mike Ashley Sports". therefore the 19,000 staff above is actually substantially fewer. [53], On 30 October 2018, Evans Cycles was purchased by Sports Direct in a pre-pack administration deal. The company is best known for trading predominantly under the Sports Direct brand, which operates in both physical outlets and online. John Lewis – 1,300 jobs9 July: John Lewis announced that it is planning to permanently close eight of its 50 stores, including full department stores in Birmingham and Watford, with the likely loss of 1,300 jobs. Construction on that development started in 1980 and was completed in 1983. Underlying pre-tax profits for the group fell by 18% to £117.4m in the year to 26 April. The deal saved around 550 jobs. “The transaction complements the existing gym and fitness club portfolio within the company’s group and is consistent with the group’s elevation strategy,” the company said. Monsoon Accessorize – 545 jobs11 June: The fashion brands were bought out of administration by their founder, Peter Simon, in June, in a deal in which 35 stores closed permanently and 545 jobs were lost. [46] This was followed by the acquisitions of outdoor gear manufacturer Karrimor in March for a reported £5 million. For the year to the end of March, DW’s accounts show the business had assets worth £194m but ran up a loss of £20m. The chain, part of Mike Ashley's Frasers Group that owns Sport Direct, has closed about 10 of the 59 stores bought out of administration in 2018. [27], In December 2016, Sports Direct agreed to sell the remaining international rights to its Dunlop brand to Sumitomo Rubber Industries for £112 million ($137.5 million). and Assets Owned by Dunlop Sports Group Americas, Inc. - Philippine Competition Commission", "House of Fraser bought by Mike Ashley's Sports Direct for £90m", "Evans Cycles sold to Mike Ashley's Sports Direct as part of pre-pack administration", "Mike Ashley buys Sofa.com for "nominal sum, "Mike Ashley wins race to buy Jack Wills", "Mike Ashley buys long-time rival's sports business", "Mike Ashley makes eleventh-hour play for Debenhams", "How can Mike Ashley's Frasers Group revive Debenhams? Pret a Manger – 1,000 jobs6 July: Pret a Manger is to permanently close 30 branches and could cut at least 1,000 jobs after suffering “significant operating losses” as a result of the Covid-19 lockdown. Cath Kidston – 900 jobs21 April: More than 900 jobs were cut immediately at the retro retail label Cath Kidston after the company said it was permanently closing all 60 of its UK stores. DW Group, founded by the former Wigan Athletic owner Dave … The Information Commissioner's Office stated it was aware of "an incident from 2016 involving Sports Direct" and would "be making enquiries. Administrators BDO said 43 of the group’s 73 gyms – three not yet reopened – and 31 of its 50 shops had been transferred to Frasers Group. Prior to the company entering administration, Sports Direct's Mike Ashley held an 11% stake in the company. [13], In December 2006, it was revealed that Sports Direct had built up a 29.4% stake in Blacks Leisure Group, the owner of Millets. Frasers Group PLC (LON:FRS) was first to warn today that it was ripping up its previous guidance of a healthy profit increase this year. Oasis and Warehouse – 1,800 jobs30 April: The fashion brands were bought out of administration by the restructuring firm Hilco in April, with all of their stores permanently closed and 1,800 jobs lost. [8] The company's business model is one that operates under low margins. The Sports … [11], By 2000, the business had 80 stores, and had formed a joint venture in Belgium, with 22 stores trading as Disport. [24] On 13 January 2014, Sports Direct bought 4.6% of Debenhams shares. [52], The Philippine Competition Commission approved the regulatory filing for the said acquisition. Sports Direct formerly held 5% of Amer Sports. foot unit in Dunstable. In 1987, Fraser and Neave and Goodman Fielder Wattietook control of Cold Storage Holdings, the holding group f… [42] In February 2017, it was reported that Sports Direct had failed to inform its workforce of a data breach of their personal information after an attacker gained access to its internal systems in September 2016. "[43], The company announced on 16 December 2019 that it would change its name from Sports Direct International plc to Frasers Group plc effective from 17 December 2019. Costa Coffee – 1,650 jobs3 September: The company, which was bought by Coca-Cola two years ago, is cutting up to 1,650 jobs in its cafes, more than one in 10 of its workforce. The assistant store manager role will go across all shops. Sports Direct owner Frasers Group has seen its half year pre-tax profit rise by 17.6% to £106.1 million. Pret a Manger – 2,890 jobs27 August: The majority of the cuts are focused on the sandwich chain's shop workers, but 90 roles will be lost in its support centre teams. [25][26] Sports Direct sold its shares on 16 January 2014, although they took out an option to buy further shares up to a total of 6.6%. Major Baltic sports retailer in which Sports Direct acquired a 60% stake in May 2013. It came as Frasers Group, which also owns Flannels, Evans Cycles, Jack Wills and House of Fraser, said strong online sales and a boost since the first lockdown ended had increased its profits in the last six-month period. Later that day, Sports Direct agreed to buy all House of Fraser UK stores, the House of Fraser brand, and all of the stock in the business for £90 million in cash. After looking at a takeover,[49] Sports Direct took a £9 million stake and signed a lucrative long-term deal in August 2005 with troubled brand Umbro,[50] which was subsequently sold to Nike. The cuts include the 1,000 job losses announced on 6 July. Monday, January 04 2021 Mike Ashley’s Frasers Group has acquired the stores and online business of fashion retailer Psyche for an undisclosed sum. [10] It is listed on the London Stock Exchange and it is a constituent of the FTSE 250 Index. 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