JD Sports has bought a majority stake in a Crete-based firm
(Picture: JD Sports)Deal-hungry JD Sports has boosted its presence in Europe by buying a majority stake in a Crete-based firm behind 60 shops.
The FTSE 100 trainers and clothing retailer said it has purchased 80% of Cosmos Sport which has most of its stores in Greece, a handful in Cyprus, and also sells goods online.
JD Sports rose 23.5p, or more than 2%, to 1063p, making it one of the top risers on London’s blue chip index.
No price was given for the deal, but Cosmos Sport notched up revenues of around €52 million (£44 million) last year.
It was founded in 1982 by Fragiskos Tsiknakis who continues to be active in the business although he has handed over day to day operational responsibility to his three sons.
The family retains a 20% stake following the transaction, and other co-owner, investor EOS Capital Partners, has disposed of its entire holdings.
JD Sports, chaired by Peter Cowgill, has made a string of purchases over the last year.
Cowgill said: “This is another exciting acquisition for JD that further expands our presence in Europe. We welcome the highly experienced and knowledgeable Tsiknakis family to the group and we look forward to working with them on the development opportunities in the region.”
