May 30, 2024

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JD Sports edges out rivals in race to obtain Arcadia warehouse | Business enterprise News

2 min read

A single of the getting rid of bidders for the crown jewel in Sir Philip Green’s previous retail empire is poised to decide up a consolation prize by acquiring the tycoon’s remaining logistics asset for far more than £60m.

Sky Information has learnt that JD Sports activities Vogue has entered distinctive talks to purchase Arcadia Group’s distribution centre in Daventry, Northants, amid a frenzy of desire from bidders.

Retail market sources mentioned that Boohoo Group, Amazon and eBay experienced all expressed an desire in acquiring the warehouse in recent weeks.

A offer has but to be concluded, and the rate that JD Sports would have to pay out to get it was believed by analysts on Monday to be concerning £60m and £90m.

That would bring about the compensation of a £50m bank loan to Arcadia designed by Sir Philip‘s household past yr, and secured versus the Daventry web page.

The volume of bid interest in the warehouse underlines the demand for logistics belongings from on line searching groups which have been still left struggling to cope with desire by the COVID-19 pandemic.

JD Sports activities was among the unsuccessful bidders for TopShop and TopMan, which have been sold final thirty day period by Deloitte, Arcadia’s administrator, to ASOS.

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Asos needs TopShop without the need of the store

Other brands from Sir Philip’s previous empire were bought to Boohoo for close to £25m.

Arcadia’s only other remaining asset of any scale is the lease on its Oxford Circus flagship store, which is undergoing a sale approach run by KPMG.

JD Sporting activities declined to comment on Monday. | Newsphere by AF themes.