Sports Direct acquires remaining Flannels shares

Sports Direct acquires remaining Flannels shares

Manchester-headquartered luxury fashion retailer Flannels is now wholly owned by Sports Direct, following the acquisition of its remaining shares.

Sports Direct chief executive Mike Ashley announced the company has upped its stake in Flannels, saying: "In response to recent media speculation about Flannels, we wish to clarify that the Company now owns 100% of Flannels.  

“The Board anticipates this acquisition will significantly enhance earnings in our Premium Lifestyle division in the medium to long-term. We are pleased to confirm that Flannels founder Neil Prosser will remain an integral part of our Premium Lifestyle division.”

Sports Direct says it will continue to elevate its store portfolio in the UK and elsewhere, typically through relocating smaller format stores to new generation stores in order to elevate the company’s retail space.

In a statement, the company said: “Our outlook remains optimistic in line with the statement we gave on 20 July 2017, in which we stated that we aim to achieve growth in underling EBITDA in the region of approximately 5% - 15% during FY18.”