JD Sports has sold its majority stake in a company founded by former Olympic swimmers Steve Parry, Rebecca Adlington and Adrian Turner.
The Greater Manchester-headquartered retail giant has held a 60 per cent stake in Bolton-based Total Swimming Group since a deal in 2022.
The initial cash consideration for Total Swimming Group was £11.1m with a maximum of £4m deferred “that is contingent upon future performance criteria and certain closing conditions”.
Former Olympic swimmers Steve Parry, Rebecca Adlington and Adrian Turner set up the business to make swimming more accessible and includes Swim!, the first multi-site operator of dedicated children’s learn to swim centres in the UK.
Adlington and Parry remain directors of the firm, but Turner has stepped down, according to documents filed with Companies House.
As a result of the deal, JD Sports CEO Régis Schultz and CFO Dominic Platt have stepped down as directors as well as JD Gyms CEO Alun Peacock and general counsel Theresa Casey.
Documents filed with Companies House have also revealed that Amelia Worrall has been appointed as a director and that We are Swim Holdings Limited is now in control of the firm.
The business only has one director – Therese Briant.
JD Sports declined to comment when approached by City AM.
JD Sports boosted by record revenue
The move comes after JD Sports reported a record revenue in the first half of its financial year after a pick-up in sales and the acquisition of American retailer, Hibbett.
Revenue at the retailer reached just over £5bn in the 26 weeks to 3 August, 2024, up by 5.2 per cent year on year.
Profit before tax rose by two per cent to £405m, while earnings per share rose 4.5 per cent to 5.15p.
Earlier in 2024, JD Sports said it would pay £878m for Hibbett, an Alabama-headquartered ‘fashion inspired’ retailer with stores in 36 states across the States.