Greater Manchester sports fashion and leisurewear retailer JD Sports has landed a new £1bn, multi-bank revolving credit facility along with an associated $700m term loan to further support its long term strategic ambitions.
The cash backing comes as the global sportswear giant revealed last week that it is enjoying something of a purple patch thanks to the reunion of fellow local lads Oasis – searches on the JD Sports website containing the term “Oasis” more than quadrupled in June compared to May as fans seek out their outfits for the sportswear enthusiasts’, who are sponsored by adidas, 41-date world tour, which kicked off last weekend in Cardiff last weekend and hits their hometown this weekend for five nights.
Callum McGuinness, digital trading lead for JD UK & ROI, said last week: “With Oasis fever sweeping the UK ahead of the band’s highly anticipated reunion, demand for the group’s iconic 90s fashion has surged. Fans are embracing the nostalgia by turning to timeless Adidas silhouettes—such as Gazelles, Sambas, and Spezials to complete their gig-ready looks.”
The new credit facilities were arranged with a syndicate of 10 international banks and emphasise JD Sports’ position as a leading global omni-channel retailer of sports fashion and outdoor brands following a number of global acquisitions including French sports retailer Courir, Poland’s Marketing Investment Group (MIG), and Finish Line, Shoe Palace, DTLR and, last year, Hibbett, all in the USA.
Last month, the brand opened its new flagship biggest store in the world at Manchester’s Trafford Centre, with Olympic legend Usain Bolt the guest of honour to perform the official opening duties. The new store has tripled its retail space to 41,000 sq ft and now has a 92-metre frontage.
The group was advised on the new revolving credit facility and term loan by the team at the Manchester office of Addleshaw Goddard, led by partner Martin O’Shea, with support from specialists across the firm’s finance, cross-border, and retail sector teams.
O’Shea said: “It’s a testament to JD’s standing in the market that these facilities attracted the support of 10 major international banking institutions. We’re proud to be a key adviser to one of the UK’s most successful international growth stories.”
