JD Sports bets on Brexit staycations with Go Outdoors takeover – Telegraph.co.uk
JD Sports has carried on camping with a Â£128.3m takeover of Go Outdoors, which cementsÂ its status as the largest outdoor equipment retailer in the UK.
JD Sports, already owns tent and hiking equipmentÂ retailersÂ Blacks, Millets and Ultimate Outdoors, but will add the 58 Go Outdoors shops to its group.
There had been concerns last month that talks between Go Outdoors’ backer, private equity firm 3i, and JD Sports had hit a stumbling block amid theÂ sterling slump which had caused tensions over pricing.
However, sources said that JD Sports’ had still been committed to the deal as it is widely thought that consumer uncertainty following Â Brexit will fuel a rise in staycation holidays. Â
Earlier this year UK tourism boards reported record-breaking booking inquiries while the number of Brits holidaying in England in the first quarter of the year rose by 10pc on the year before to 7.3m, with the weaker pound making tripsÂ abroad more expensive.Â
“Consumers appear to be undeterred by what has been a politically tumultuous year,”Â said Rod Baxter of KPMG who advised on the deal. “Confidence for the moment remains resilient, supporting retailers’ prospects, and we would expect to see more buyout activity in the coming months.â