Aug 24, 2020

Mike Ashley’s Frasers strikes £37m deal for DW gyms

Mike Ashley's Frasers Group has bought parts of rival DW Whelan Sports out of administration for £37m, but almost half of the 1,800 jobs at the retail and gym group will be lost. Frasers, which owns Sports Direct, on Monday said the deal would focus on DW's gym business - the second largest in the UK - as well as "Certain stock" but that it would not buy the brand. The acquisition comes a few days after the company led by retail tycoon Mr Ashley warned of more closures at its House of Fraser department store chain once the business rates holiday comes to an end in March next year. BDO, administrators for DW, on Monday said that 46 fitness clubs and 31 retail outlets had been sold to Frasers subsidiary SDI Fitness, saving a total of 922 jobs across the business. The remaining 26 gyms and 19 stores operated by DW are set to close, but its subsidiary Fitness First will remain a separate company and will not be affected by the sale.

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