KPMG helps JD Sports bag Canterbury
KPMG oversees sale of troubled sportswear maker's global brand to high street giant JD Sports
The global brand of sportswear maker Canterbury of New Zealand has been sold
to JD Sports in a highly complex deal brokered by KPMG corporate finance
experts.
JD snapped up the worldwide Canterbury brand, goodwill and certain fixed
assets from Kuwait Finance House for £6.5m.
At the same time, KPMG sold the trade and assets of Canterbury Europe to JD
Sports for an undisclosed sum, preserving about 50 jobs.
Canterbury
Europe was placed into administration last month, terminating sponsorship
contracts with some of Europe’s biggest rugby clubs.
The highly complex deal safeguards the future of the Canterbury business in
Australia and New Zealand and also ensures the continued presence of the
Canterbury brand in the UK and across Europe, KPMG said.
JD will operate the brand in the UK and across Europe, but sold the licensing
rights for the Australia and New Zealand businesses, which were still operating
as a going concern, back to Ross Munro for an undisclosed sum.
Munro runs the Australasian and New Zealand businesses and is also a
shareholder.
Christian Mayo, corporate finance partner at KPMG said, ‘This was a complex
deal across different territories but one which ultimately ensures that this
iconic sportswear brand will continue to have a global presence.
‘Following the administration of Canterbury Europe Limited last month, this
transaction will safeguard jobs in Europe and ensure the future of the global
brand.
‘The administration, coupled with complex inter-relationships between various
operations in different parts of the world, made finding a buyer and structuring
a successful deal a real challenge.
‘However, we’re delighted that the brand is now in the hands of a company who
will be able to take it forward both in the UK and overseas.’