In a deal potentially worth up to £37M, Frasers Group is set to acquire the gym and fitness chain.
Dave Whelan (DW) Group which operates 73 gyms and 75 shops across the UK fell into administration last month, for the year to the end of March, DW’s accounts show that the business had assets worth £194M but ran up a loss of £20M.
The deal with Mike Ashley’s Frasers Group includes the company’s gym and fitness business and some stock but excludes the Dave Whelan business names and intellectual property. A spokesperson from Frasers Group has commented that the acquisition will complement its existing gym and fitness club portfolio and is in line with its ongoing strategy.
The source added: “Frasers Group looks forward to elevating the gym and fitness assets acquired pursuant to the Transaction under the group’s existing iconic Everlast brand, and is also pleased to have saved a number of jobs.”
