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BDO saves 900 jobs at DW Sports
Frasers Group has acquired gym and fitness group DW Sports for an initial cash consideration of £37m.
Senior Journalist covering the Credit Strategy, TRI News and Reward Strategy brands.
Senior Journalist covering the Credit Strategy, TRI News and Reward Strategy brands.
As part of the transaction, 40 leisure clubs and 31 retail outlets which are currently open have been transferred to SDI Fitness, part of Frasers Group. Frasers Group also own Sports Direct, House of Fraser and Flannels.
DW Sports entered administration on August 3, when accountancy and business advisory firm BDO’s partners Graham Newton and Ryan Grant were appointed joint administrators.
The deal has secured a total of 922 jobs out of 1,704. A number of leisure clubs and retail outlets closed prior to the administration, but BDO have stated that these may be re-opened by SDI in due course.
Newton said: “We are pleased to have achieved a sale of a significant part of the DW Sports business as a going concern, as this will not only secure employment for the majority of employees, but should also result in a return to the company’s creditors in due course.”
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