JD Sports has bought Manchester-based sales and distribution company 2Squared Agency which was on the brink of administration, Drapers can reveal.
2Squared Agency, which is registered at 17 St Ann’s Square in Manchester, was founded in 2009 by Neil Corrie and Martyn Harrison. According to its website it has 14 brands including Cortica, Havaianas, Mercer, Swims and Diadora. The details of the sale have not been revealed but Drapers understands the firm was in financial difficulty and no redundancies were made as part of the deal.
Prior to setting up 2Squared, Corrie was sportswear buyer for JD Sports’ footwear fascia Size? before being promoted to buying and retail director for JD’s fashion division.
He also co-founded now closed agency Elusive Distribution and was consultant buyer for Asos’s online trainer store Crooked Tongues.
The deal is the latest acquisition by JD Sports, which added to its roster of both UK and international businesses in 2016.
In April 2016, JD-owned chain Tessuti bought Scottish menswear independent Xile Clothing out of administration and in August premium menswear mini-chain Aspecto was fully taken over by the retailer. In November, JD bought Go Outdoors for £112.3m.
Further afield, JD Sports bought 187 stores from two Dutch sportswear chains – Perry Sport and Aktiesport – in March 2016, it acquired a majority stake in the Portuguese operator of The Athlete’s Foot in July, and bought Australian firm Next Athleisure, which operates young fashion retailer Glue Store, in September.
Last month, JD Sports said it is on track to beat market expectations for full-year pre-tax profits of £200m by as much as 15%, thanks to continued strong sales for the 49 weeks to 7 January. The sportswear retailer had previously revealed in September that sales for the 26 weeks to 30 July were up by 10% on a like-for-like basis.
JD Sports confimed the acquisition but declined to comment further. Drapers has contacted 2Squared for comment.