// JD Sports acquires independent menswear retailer Wellgosh
// Wellgosh is the latest brand to be added to JD Sports’ portfolio
// The family-run business was founded in Leicester 30 years ago
JD Sports has reportedly acquired independent menswear retailer Wellgosh for an undisclosed sum.
Pete Turner founded the Leicester-based business around 30 years ago, when it was based in a small store in Leicester’s Silver Arcade.
Wellgosh relocated to larger premises in the main shopping area when the arcade shut down in 1998.
The family-run retailer shut down stores during lockdown and has encouraged customers to shop from online.
Wellgosh is the latest brand to be added to JD Sports’ portfolio, Drapers reported.
Late last year, JD Sports also added US footwear retailer Shoe Palace to its stable of retail brands in December after completing a takeover deal worth $325 million (£240 million).
The UK sportswear retailer confirmed that its existing wholly-owned intermediate holding company in the US, Genesis Holdings, acquired 100 per cent of both the issued shares in the Shoe Palace Corporation and the members’ interests in Nice Kicks.
The British retail giant added that its cash consideration was being funded from its cash resources and existing bank facilities.