JD Sports has paid administrator KPMG £6.5million for the key trading assets and trade of Canterbury Europe, along with the global rights to the company. The retailer will license the Australasia and New Zealand brand while operating the brand itself in the UK and Europe.
Canterbury is the second rugby brand purchased by JD recently – the company bought Kooga Rugby on July 3.
Says Peter Cowgill, executive chairman of JD: “We are delighted with the acquisition of the Canterbury and Kooga brands, which will further diversify the group’s overall interests in the sports and related leisurewear markets.”
Says Christian Mayo, the corporate finance partner who led the KPMG team: “This was a complex deal across different territories, but one which ultimately ensures that this iconic sportswear brand will continue to have a global presence.
“Following the administration of Canterbury Europe Limited last month, this transaction will safeguard jobs in Europe and ensure the future of the global brand. The administration, coupled with complex inter-relationships between various operations in different parts of the world, made finding a buyer and structuring a successful deal a real challenge. However, we’re delighted that the brand is now in the hands of a company who will be able to take it forward both in the UK and overseas.”
