JD Sports has sold its majority stake in Total Swimming Group, a business founded by former Olympians.
- Total Swimming Group, based in Bolton, was partially owned by JD Sports up until this sell-off.
- The financial transaction valued the initial stake at £11.1 million, with additional potential based on performance.
- Rebecca Adlington and Steve Parry remain with the company, while Adrian Turner departs.
- After the deal, We Are Swim Holdings Limited now controls Total Swimming Group.
JD Sports, known for its retail prominence, has divested its majority ownership in the Total Swimming Group, a company formed by Olympic medalists Rebecca Adlington, Steve Parry, and Adrian Turner. The firm, headquartered in Bolton, primarily focuses on making swimming widely accessible and operates facilities specifically for teaching children to swim.
The divestiture involved an initial cash amount of £11.1 million, with an additional £4 million contingent on meeting certain performance criteria. Despite the changes in ownership, Adlington and Parry have retained their directorial roles, ensuring continuity in leadership, while Turner has exited the company.
Following the transaction, executives from JD Sports, including CEO Regis Schultz and CFO Dominic Platt, along with other directors from JD Gyms, resigned from their positions within the swimming organization. This reshuffling has led to the installation of Amelia Worrall as a new director, and We Are Swim Holdings Limited has taken over control, with Therese Briant as the singular director. This move marks a strategic shift for JD Sports, which has recently reported noteworthy financial performance.
In the first half of 2024, JD Sports achieved record revenues, driven by robust sales figures and strategic acquisitions, including its purchase of the American retailer Hibbett for £878 million. The company reported revenues exceeding £5 billion, representing a 5.2% increase compared to the previous year, alongside a modest rise in pre-tax profits.
The strategic changes reflect JD Sports’ evolving business priorities and continued financial health.
