JJB completes Qube acquisition
Sportswear and equipment retailer JJB Sports has completed its acquisition of Qube Footwear Limited from private equity partnership West Coast Capital for £1 in cash.The agreement was signed in April. The 22-store business will form part of JJB's footwear business.
Founded
in 2005, Qube has grown rapidly as a niche fashion footwear business
with a strong focus on branded product. Its assets recorded in the year
ended January 31, 2007, totalled £11.8 million with a pre-tax loss of
£6.1 million. Following this, the company has restructured and a small
number of loss-making stores have closed.
Chief Executive of
JJB, Chris Ronnie, said: “The acquisition of Qube is a further step in
our strategy of accessing the sports lifestyle market, whilst
maintaining our strategy of being 'Serious about Sport' within our core
JJB retail stores. Qube is a rapidly growing business, with excellent
potential, which we believe will complement our recent acquisition of
OSC and reinforce our presence in this area of the market.”
