Shares in JD Sports Fashion were up on the FTSE 250 in morning trading after the group announced the acquisition of Sprinter Businesses in Spain and eight Cecil Gee stores in Britain.
A subsidiary of JD Sports will hold a 50.1 per cent stake in Sprinter group, which is one of Spain's leading sports retailers. In the full year ended 31 December 2009 Sprinter reported turnover of 80 million euros and pre-tax profits of 2.1 million euros,
The remaining 49.9 per cent of the company will be held by the founding Segarra family and the Bernad family, which has been investing in Sprinter for 15 years.
Peter Cowgill, Executive Chairman of JD Sports, commented, "We are very pleased to announce these two acquisitions which both result from our strategy of selectively expanding our European retail presence and increasing our exposure to a broader portfolio of premium brands. We look forward to working with the very experienced and knowledgeable management team in Spain and bringing our own expertise to bear as we continue to develop JD's presence in Europe. At the same time, the acquisition of the Cecil Gee stores provides us with a low risk springboard for the development of a well funded profitable premium brand fashion chain."
By 10:20 shares in JD Sports were up 0.06 per cent on the FTSE 250 to 870.50 pence per share.