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RNS Number:5254J
John David Group (The) PLC
10 December 2007
THE JOHN DAVID GROUP PLC
10 December 2007
Acquisition of Bank Stores Holdings Ltd
The John David Group plc (JD), the sports and leisurewear retailer, announces
that on 7 December 2007 it acquired the entire share capital of Bank Stores
Holdings Ltd (Bank) from Phoenix Equity Partners and its management (the
Vendors), for a cash consideration of £18.5 million.
Bank was founded in 1994 by Andy Scott and sells branded fashion wear. It has
grown into a chain of 49 retail outlets across the UK, selling both menswear and
womenswear. The portfolio of established brands and emerging brands which it
sells includes Gio Goi, Firetrap, Superdry and Henleys.
The key employees of Bank are its founder Andy Scott (Buying Director), Damian
Scarlett (Managing Director) and Peter Alecock (Finance Director). All three
will continue in their current operational roles within the senior management
team of Bank.
Deferred consideration may be payable to the Vendors, in the event that the
profit before interest, tax and depreciation of Bank exceeds certain thresholds
in the period to 28 February 2008. The maximum total deferred consideration that
could be payable to the Vendors is £1.0 million.
For the year ended 31 August 2006, the audited loss before tax of Bank Stores
Holdings Limited was £5,370,000 and the gross assets were £35,102,000.
Peter Cowgill, Executive Chairman of JD, said:
"We are pleased to announce our acquisition of this strong retail brand. Its
trading style complements the trading ethos of JD on the high street and
enhances our portfolio of brands and products. While we fully recognise the
challenges of fashion retail, we believe that our capable management team will
effect a successful combination of our current Scotts stores and the Bank chain,
creating an enhanced Fashion Division within the Group and a real opportunity
for sales and margin growth"
Enquiries:
The John David Group Plc Tel: 0161 767 1000
Peter Cowgill, Executive Chairman
Barry Bown, Chief Executive
Brian Small, Finance Director
Hogarth Partnership Limited Tel: 0207 357 9477
Andrew Jaques
Barnaby Fry
Sarah Richardson
This information is provided by RNS
The company news service from the London Stock Exchange
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