Technogym
Technogym
Technogym

Mike Ashley picks up DW Sports' fitness assets from administrators for £37m – will operate under the Everlast brand

Billionaire Mike Ashley's Frasers Group has acquired the fitness assets of DW Sports for £37m.

DW Sports, which previously operated 75 sports retail stores and 73 health clubs, went into administration earlier this month. At the time, the move to administration was accompanied by the announcement that 25 retail stores would close immediately and that the retail division would, eventually, be permanently closed.

The gyms have been acquired by Frasers Group, owned by Ashley – whose other assets include gym chain, Everlast, retail brand SportsDirect and Premier League football club Newcastle United.

Frasers said the acquisition complements the existing gym portfolio and that it will operate the sites under the Everlast brand. The deal is said to be "consistent with the group's elevation strategy."

"The acquisition, for an initial cash consideration of £37m, includes certain assets relating to DW's gym and fitness business, including certain stock, but excluding the DW business names and IP," said a spokesperson.

An additional consideration (up to a maximum of £6.9m) may be payable, contingent upon the number of leasehold interests eventually acquired, taking the potential total to £43.9m, if conditions are met.

"We look forward to elevating the gym and fitness assets acquired under the group's existing iconic Everlast brand, and we are also pleased to have saved a number of jobs," they said.

Around 1,700 jobs were put at risk when DW went into administration at the start of August.

Frasers reports that DW Sports was not thriving before the pandemic – in its last accounts – for the year ended 31 March 2019 – the company had gross assets of £195m, but made a loss of £20m.

DW's Dave Whelan and Mike Ashley are long-time competitors and the move sees Ashley picking up valuable assets from his rival.

DW Sports Fitness was founded in March 2009 when Dave Whelan purchased 50 clubs and attached retail stores from JJB Sports for £83.4 million.

At the time all the sites were shared between a fitness club and retail, with most having gyms downstairs and retail upstairs. The portfolio grew to 140 sites at one stage, including standalone retail and standalone gyms, before scaling back to the 75 retail stores and 73 gyms.

Fitness First, previously a sister company to DW Sports, remains a separate company owned by Dave Whelan and its 43 clubs are unaffected by the administration and sale.

Billionaire  Mike Ashley  Frasers Group  DW Sports 
Related stories
03 Aug 2020

DW Sports calls in the administrators – Fitness First unaffected

16 Aug 2019

Blurring the boundaries of retail and fitness: DW Fitness First launches kit and collect service

04 May 2018

DW Fitness First reveals plans to becoming "UK’s largest sports participation brand"

Billionaire Mike Ashley's Frasers Group has acquired the fitness assets of DW Sports for £37m. DW Sports, which previously operated 75 sports retail stores and 73 health clubs, went into administration earlier this month. At the time, the move to administration was accompanied by the announcement that 25 retail stores would close immediately and that the retail division would, eventually, be permanently closed. The gyms have been acquired by Frasers
HAF,FIT,IND,PTS
Mike Ashley's Frasers Group has acquired DW Sports' fitness assets, which includes 73 gyms / Shutterstock.com/Sameoldsmith
More news
News stories: 1 - 30 of 7785     
 
 
 
News stories: 1 - 30 of 7785     
 
 
 
featured supplier
Featured Supplier: CSI Design Expo Americas 2024 announces new Attractions & Entertainment Technology Zone
Cruise Ship Interiors (CSI) invites cruise lines, shipyards, design studios, outfitters, and suppliers to take part in CSI Design Expo Americas in Miami, Florida, the region’s only event dedicated to cruise ship interior design.
company profile
Company profile: TLEE Spas + Wellness
Having designed and managed some of the most renowned spas in the world, Tracy has carved out a reputation of steady leadership and innovation recognised throughout the industry.
Try cladmag for free!
Sign up with CLAD to receive our regular ezine, instant news alerts, free digital subscriptions to CLADweek, CLADmag and CLADbook and to request a free sample of the next issue of CLADmag.
sign up
features
Jacques Herzog has described PAMM as a ‘naked structure’ where everything is visible from the outside
"The idea of selling a better lifestyle has been rooted in everything that has happened in Miami over the past 80 to 100 years. Chad Oppenheim"

It’s always been a city with a big personality and the new projects taking shape in Miami are as bold and ambitious as ever. Alice Davis investigates

A range of events, workshops and performances bring the community together
Steve and Marie Nygren
"The vision was to create a community that feels as though it’s always been there"

Eco community Serenbe was launched in the heart of the Giorgia countryside to provide an alternative to the traditional American suburb. As work starts on a new wellness hamlet, we speak to the founders

The OCT Loft development includes a range of interesting public areas that link the studios, bars, restaurants, shops and exhibition spaces
"When people came, they were surprised it was so raw"

The leisure projects transforming this fast-growing city

Catalogue Gallery
Click on a catalogue to view it online
To advertise in our catalogue gallery: call +44(0)1462 431385
A crowdfunding campaign was launched in October 2016 to raise money for the cricket stadium and pavilions
"The inspiration for the design comes from the green rolling hills of Rwanda and the trace of a bouncing cricket ball - Michael Ramage"

The people creating a pioneering cricket stadium that’s helping to heal wounds in Rwanda

Callebaut interned with Odile Decq before setting up his practice
"It’s about tracing the evolution of thermal practices"

Eco architect Vincent Callebaut has won a competition to redesign ancient thermal baths in the Savoyard town of Aix-les-Bains, France

features
Fabio Scacciavillani is chief economist for the Oman Investment Fund. He started his career working for the International Monetary Fund
"The region has a microclimate thanks to the monsoon, so the summer is cool and rainy"

The Oman Investment Fund’s chief economist talks us through plans to redefine Oman as a high end leisure and tourism destination

The installation uses new liquid crystal technology developed by researchers to create the rainbow
The Van Gogh Cycle Path runs from where Vincent Van Gogh lived between 1883 and 1885
"This is not a projection or a slide – it’s a real rainbow"

His Rainbow Station light installation

The Battersea Power Station site is currently being redeveloped
"Infrastructure is the manifestation of our collective investment in the functioning of our urban places"

FromLA'sRiver Projectto thetransformationof NewYork’s Erie CanalBuro Happold'sAliceShay explores some of the world's mostinnovativeadaptivereuseprojects

cladkit product news
Eco Resort Network conference to convene in Mauritius this May
The event will be hosted in the Mauritius in 2024
Megan Whitby
Hospitality industry event Eco Resort Network is set to take place at the Ravenala Attitude Hotel, Turtle Bay, Mauritius, from ...
Eden project uses drones to spell out climate change warning
Magali Robathan
Almost 300 drones were used to signal an environmental message above the Eden Project’s biomes, during the UN Climate Change ...
Koto Design introduces wood-fired hot tub
Koto is known for crafting modular, energy-neutral cabins and homes
Katie Barnes
A striking wood-fired hot tub has been unveiled by Koto, an architecture and design studio which has a passion for ...
cladkit product news
Alberto Apostoli designs tech-forward Wellness Therapy furniture collection for Varaschin
The furniture collection draws on absolute geometries, pure lines, neutral colours and strong references to nature
Megan Whitby
Furniture manufacturer Varaschin has unveiled the new Wellness Therapy range, designed by Italian spa and wellness architect and designer Alberto ...
Jaffe Holden helps bring Academy Museum of Motion Pictures alive
Jaffe Holden provided architectural acoustics for the Academy Museum
Magali Robathan
Acoustical consulting firm Jaffe Holden provided architectural acoustics and audio/video design services for the recently opened Academy Museum of Motion ...
Siminetti unveils iridescent decorative panelling range inspired by plants
The Clematis design
Megan Whitby
The Botanicals is Siminetti’s newest Mother of Pearl decorative panelling collection, inspired by the distinctive patterns found in botany and ...
cladkit product news
Alberto Apostoli and Newform collaborate to launch the A.Zeta showerhead
The showerhead offers two modes; rainfall or waterfall
Megan Whitby
Italian architect Alberto Apostoli has renewed his partnership with Newform – an Italian wellness company – and designed A.Zeta. A.Zeta ...
Codelocks develops new glass door smart lock
The new lock model allows facilities and building managers to create and manage access via an app or online portal
Megan Whitby
Codelocks has launched its first glass door smart lock to bring intelligent access control to modern spa, leisure, fitness and ...
Mather & Co and ITV unite to create Coronation Street Experience
Mather & Co has transformed the visitor centre into the ultimate haven for ardent Coronation Street viewers
Magali Robathan
Experience designers, Mather & Co, have orchestrated a remarkable collaboration with ITV to unveil the new Coronation Street Experience, a ...
x
Sign up with CLAD for regular news updates
Technogym
Technogym