News | Published May 29 2019

Sports Direct sells off Derbyshire HQ for £120 million

Retail giant Sports Direct confirmed the sale of its Derbyshire headquarters to a Malaysian pension fund in a deal worth £120 million yesterday.

The sale of the Shirebrook site comes after the retailer announced the closure of its Wigan based warehouse, which had put 300 jobs at risk.

These employees had been offered alternative work at Shirebrook prior to its sale.

The retailer, owned by business tycoon Mike Ashley, is now set to take out a 15-year lease on the land to continue operating there for the time being.

Kwasa Logix Sportivo, thought to be controlled by the Employees Provident Fund has now assumed the freehold to the company’s Derbyshire base.

The latter oversees the pensions of over seven million workers and is also responsible for one of the developments taking place at Battersea Power Station.

Sports Direct owner Mike Ashley has a reputation for throwing his hat into the ring to rescue a string of struggling retailers, and has taken control of names such as House of Fraser, and Evans Cycles.

He also had two bids to take over Debenhams rebuffed prior to it going into administration in April, before selling his 4.8 per cent stake in Mysal earlier in May.

A Sports Direct statement said that proceeds from the sale of its headquarters would be re-invested into its working capital and group operations.

According to the BBC, approximately 3,500 agency workers who were employed at the Shirebrook HQ are thought to have come from Eastern Europe following an influx of migrants to the town in 2007.

Around 500 more workers were permanently employed at the site.

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Authored by

Scott Challinor
Business Editor
May 29 2019

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