Tuesday, September 19, 2017

Sports Direct buys Oxford St freehold for Flannels

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Despite all its woes, Sports Direct has just handed over £108m to Aviva Investors for the freehold of a property at 161 – 167 Oxford Street.

The sporting goods chain, owned by billionaire tycoon Mike Ashley, will convert the property into a flagship Flannels store: the luxury retailer Sports Direct acquired a mojority stake in four years ago.

Sports Direct said it will use the office space above as it new London base, replacing the former offices at New Cavendish Street.

In a bid to expand its premium lifestyle division the sportswear chain took a 51% slice of Flannels, which was loss-making at the time, for an undisclosed sum. 

 

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