The former boss of JD Sports, Peter Cowgill, is set to take a stake in Applied Nutrition, the budding sports nutrition company which is eyeing a flotation on the London market, according to reports.
Peter Cowgill – who was ousted from the athleisure giant amid scrutiny over the corporate governance of the firm around two years ago – is acquiring a multimillion pound shareholding in Applied Nutrition.
Sources close to Sky News, who was first to make the report, said a deal could be announced as soon as Monday.
Cowgill told the outlet on Sunday: “Having been instrumental in executing the investment by JD into Applied Nutrition in 2021, I have been delighted by the growth and profitable development of the business.
“I have always been really impressed by the management team and am excited to make a material personal investment into the company.”
He added:”I remain confident in its continued growth and success in a rapidly expanding marketplace.”
The retail veteran previously sat on the board of Applied as a non-executive but stepped down when he left JD Sports in 2022.
It comes as Applied Nutrition is understood to be plotting a float on London’s Stock Exchange – a move that would be a significant boost for the City’s capital markets.
In February, it named Andy Bell, the founder of one of Britain’s most well known investment platforms AJ Bell as its chairman, boosting its credentials for a listing.
JD Sports owns nearly a third of the company while its founder Thomas Ryder has a majority stake.
The company reported a 74 per cent revenue rise last year to £61.2m, with earnings increasing to around £18.1m.
City A.M. has approached Applied Nutrition for a comment.