But Frasers Group has been a rare bright spot, forecasting growth despite COVID-19. By Isabella Fish 5 January 2021. 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. “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. 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. [19][20][21][22], In February 2013, after fashion retailer Republic went into administration, Sports Direct bought 116 Republic stores, the brand name and the company's head office from the administrator for an undisclosed sum. Monday, January 04 2021 Mike Ashley’s Frasers Group has acquired the stores and online business of fashion retailer Psyche for an undisclosed sum. Sports Direct owner Frasers Group has acquired some of the assets of Dave Whelan Sports from its administrators for an initial sum of £37 million. (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. “It’s likely to be some time before people bound back to the gym in greater numbers and it can be ascertained whether this latest acquisition will have been the right choice for the company.”, BDO’s Graham 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.”. 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. The Information Commissioner's Office stated it was aware of "an incident from 2016 involving Sports Direct" and would "be making enquiries. Harveys – 240 jobs30 June: Administrators made 240 redundancies at the furniture chain Harveys, with more than 1,300 jobs at risk if a buyer cannot be found. Established in 1982 by Mike Ashley, the company is the United Kingdom's largest sports-goods retailer and operates roughly 670 stores worldwide. Frasers Group acquires Psyche. Casual Dining Group – 1,900 jobs2 July: The owner of the Bella Italia, Café Rouge and Las Iguanas restaurant chains collapsed into administration, with the immediate loss of 1,900 jobs. Prior to the company entering administration, Sports Direct's Mike Ashley held an 11% stake in the company. 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. [5] Other retailers owned by the company include Jack Wills, Flannels, USC, Lillywhites, Game, and Evans Cycles. [28] Sumitomo already own the rights to the brand in Japan, South Korea and Taiwan. foot unit in Dunstable. Frasers group held talks earlier this year with the administrator of Debenhams but claimed then it had been “frozen” out of the process and was not receiving adequate information. [12] The group debuted on the exchange on 27 February 2007. WH Smith – 1,500 jobs5 August: The chain, which sells products ranging from sandwiches to stationery, will cut jobs mainly in UK railway stations and airports. The overall deal, which excludes the DW business names and intellectual property, could be boosted by a further £6.9m, depending on how many of the property lease holdings Frasers Group acquires. 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. 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. [1] In 1984, Preston Sports shop was opened in London and by 1992 the company had 12 stores. [8] The company's business model is one that operates under low margins. Azzurri – 1,200 jobs17 July: The owner of the Ask Italian and Zizzi pizza chains closes 75 restaurants and makes its Pod lunch business delivery only. [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. In 2006 it overtook JJB Sports as the UK's largest sportswear retailer. [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". [1] The number of retail stores had now increased to 50, along with the acquisition of the tennis and golf brand, Donnay. Sports Direct formerly held 5% of Amer Sports. The stock market purchase of 56.8 million shares (worth around £46m) was made without the prior knowledge of the Debenhams board. 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. Frasers Group was reported to be in talks to acquire Debenhams,[58][59][60] though it was later reported that Ashley was mainly interested in using empty Debenhams stores to expand his other chains, including House of Fraser, Sports Direct and Flannels; taking 'vacant possession' would avoid redundancy costs for existing staff. 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. 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. Sports Direct-branded stores exist under a franchising agreement in South Africa and the Middle East. 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. 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. 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 … [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 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. Debenhams saw a glimpse of hope when Mike Ashley’s Frasers Group confirmed over the weekend that it was in 11th-hour talks with the department … [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. 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. The company said it intended to run the gym and fitness business using its Everlast brand, the American boxing kit manufacturer made famous by Muhammad Ali, which the business acquired in 2007 for $168m (£128m). 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. [29] In July 2017, the company acquired a 26% stake in Game Digital. [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. [34] A representative from the charity ShareAction claimed that workers are "jeopardising their health" for fear of being dismissed while another shareholder said the company's reputation as an employer was "atrocious". The sale is due to be completed by May 2017. Frasers-owned retail empire Sport Directs this morning raised the lower end of its annual forecast as it reported a 25 per cent rise in first-half core earnings. “Mike Ashley’s Frasers Group has a track record in snapping up distressed firms and, given DW Sports was a former rival to Sports Direct, it’s an acquisition that is perhaps even more appealing,” said Susannah Streeter, senior investments and markets analyst at Hargreaves Lansdown. 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. 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. 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? Frasers Group (FRAS.L), the retail company owned by billionaire Mike Ashley, is committed to physical stores despite the decline of the high street. Sports Direct owner Frasers Group has seen its half year pre-tax profit rise by 17.6% to £106.1 million. Frasers said it … Pizza Express – 1,100 jobs7 September: The restaurant chain confirms the closure of 73 restaurants as part of a rescue restructure deal. 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. House of Fraser owner threatens landlords with store closures over rent, Sign up to the daily Business Today email. The Newcastle United owner's retail empire has bought some of its former rival's gym and fitness assets out of administration. M&Co – 400 jobs5 August: M&Co, the Renfrewshire-based clothing retailer, formerly known as Mackays, will close 47 of 215 stores. [48] Most of these brands were bought from distressed sellers. Outside of retail outlets, the company owns numerous brands, including Everlast, Lonsdale and Slazenger. [15] In June 2007, the company acquired Everlast for £84 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. 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 Frasers sites will … [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%. “the most challenging year in the history of the company”. The cuts include the 1,000 job losses announced on 6 July. [52], The Philippine Competition Commission approved the regulatory filing for the said acquisition. Marks & Spencer – 950 jobs20 July: The high street stalwart cuts management jobs in stores as well as head office roles related to property and store operations. 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 Plc is in last-ditch talks to buy the ailing Debenhams department store in a move which could save thousands of jobs. therefore the 19,000 staff above is actually substantially fewer. "[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. [54], In February 2019 the group acquired Sofa.com for a nominal sum. DW’s Fitness First Clubs have been unaffected by the administration and the subsequent sale. TM Lewin – 600 jobs30 June: Shirtmaker TM Lewin closed all 66 of its outlets permanently, with the loss of about 600 jobs. In the early 1980s, the firm began divesting its non-property assets. The company is best known for trading predominantly under the Sports Direct brand, which operates in both physical outlets and online. DW Sports – 1,700 jobs at risk3 August: DW Sports fell into administration, closing its retail website immediately and risking the closure of its 150 gyms and shops. Mike Ashley's Frasers Group has confirmed it is considering buying Arcadia … A union official suggested that these practices were illegal as they brought workers' earnings below the minimum wage. [1][11] In 2005 the company began a major rebrand of the stores, changing the fascias to Sports World. 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 reported an 18% rise in pre-tax profits as it continues talks about the potential acquisition of Debenhams. Sports Direct says it intends to run the DW business under its Everlast brand. The company has more than 14,000 employees. Sales at its core sports business decreased 14.6%, but edged up 0.7% including the contribution from the digital gaming group Game, which is now part of that division. Marston's - 2,150 jobs15 October: Marston's  - the brewer which owns nearly 1,400 pubs, restaurants, cocktail bars and hotels across the UK - said it would cut 2,150 jobs due to fresh Covid restrictions. In … 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. [53], On 30 October 2018, Evans Cycles was purchased by Sports Direct in a pre-pack administration deal. The slump in … Mike Ashley’s Frasers Group has reported an 18% rise in profits today. [1], In late November 2006, a number of business newspapers reported that Ashley was looking at an IPO of Sports World International. [52], On 10 August 2018, the House of Fraser entered administration. The number of retail stores had now increased to 50, along with the acquisition of the tennis and golf brand, Donnay. The company responded by saying there were unspecified inaccuracies in the reports. 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. Construction on that development started in 1980 and was completed in 1983. Explore Frasers Property, a diverse, multi-national property company | In residential, retail, commercial, industrial, logistics, hospitality development and management, we believe experience matters. Underlying pre-tax profits for the group fell by 18% to £117.4m in the year to 26 April. [11], By 2000, the business had 80 stores, and had formed a joint venture in Belgium, with 22 stores trading as Disport. [44], The group has over 470 UK stores including the chains Sports Direct (Sports World prior to 2008), Lillywhites, House of Fraser, Flannels, Evans Cycles, Sofa.com, Field & Trek and USC. 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. The rest have been closed but some may be reopened by Frasers in due course, said BDO. 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. 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. [45], In February 2004, the company acquired Dunlop Slazenger for around £40 million, which included the Dunlop, Slazenger and Carlton brands. Total group revenues increased from £3.7bn to £3.9bn after a number of acquisitions including Game, Sofa.com and the fashion brand Jack Wills. [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 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. Celtic Manor – 450 jobs9 July: Bosses at the Celtic Collection in Newport, which staged golf's Ryder Cup in 2010 and the 2014 Nato Conference, said 450 of its 995 workers will lose their jobs. - Retail Gazette", "Mike Ashley's Frasers Group in talks to buy collapsed Debenhams", "Debenhams gift cards expire as Mike Ashley considers empty stores", Major European expansion for Sports Direct, "Mike Ashley's Frasers Group snaps up stake in luxury brand Mulberry", "Sports Direct sells Dunlop for $137m | Business", "Ashley sells Original Shoe Company to JJB", Henderson Smaller Companies Investment Trust, JPMorgan Emerging Markets Investment Trust, JPMorgan European Smaller Companies Trust, Sequoia Economic Infrastructure Income Fund, Templeton Emerging Markets Investment Trust, https://en.wikipedia.org/w/index.php?title=Frasers_Group&oldid=999978630, Sporting goods retailers of the United Kingdom, Companies listed on the London Stock Exchange, Articles with dead external links from October 2010, Short description is different from Wikidata, Creative Commons Attribution-ShareAlike License, This page was last edited on 12 January 2021, at 22:34. 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