JD Sports, based in Greater Manchester, has sold its major stake in Total Swimming Group, a company focused on swimming accessibility.
- Founded by ex-Olympians Steve Parry, Rebecca Adlington, and Adrian Turner, Total Swimming Group aims to make swimming widely accessible.
- JD Sports originally acquired a 60% stake in Total Swimming Group in 2022 with an initial investment of £11.1 million.
- Changes in the board include Rebecca Adlington and Steve Parry remaining as directors, while Adrian Turner has stepped down.
- Following the sale, We are Swim Holdings Limited is now in control, and JD Sports’ leadership has resigned from their roles in the company.
JD Sports, the renowned retail giant headquartered in Greater Manchester, has successfully divested its majority share in Total Swimming Group, a firm dedicated to broadening the accessibility of swimming. This transaction marks JD Sports’ strategic shift after initially acquiring a 60% interest in 2022, with an investment valued at £11.1 million. An additional deferred payment of up to £4 million was contingent on performance targets and certain conditions.
Total Swimming Group, established by former Olympic swimmers Steve Parry, Rebecca Adlington, and Adrian Turner, aims to make swimming more accessible across the UK. The organisation includes Swim!, noted as the UK’s first multi-site operator of dedicated children’s swimming centres. The commitment of founding directors Parry and Adlington remains strong, although Turner has stepped down, as reflected in Companies House filings.
The divestment led to significant changes in governance and ownership. Notably, We are Swim Holdings Limited has assumed control of Total Swimming Group, with Amelia Worrall joining as a new director and Therese Briant becoming the sole director, as indicated by official records. This management shake-up follows the departure of JD Sports’ CEO Regis Schultz, CFO Dominic Platt, JD Gyms CEO Alun Peacock, and general counsel Theresa Casey from their directorial positions within Total Swimming Group.
The decision not to comment by JD Sports comes despite a record revenue performance in the first half of its fiscal year. The retail giant reported a revenue surpassing £5 billion, showcasing a growth trajectory in its financial performance. This growth was further complemented by a 2% rise in pre-tax profit, reaching £405 million, and a 4.5% increase in earnings per share.
At the start of the year, JD Sports expanded its reach by acquiring the ‘fashion inspired’ retailer Hibbett for £878 million, extending its influence across 36 states in the USA. This latest move to offload its stake in Total Swimming Group reflects JD Sports’ possibly shifting priorities as it continues to strengthen its position globally.
This strategic divestment aligns with JD Sports’ broader business objectives and reflects ongoing shifts in its investment priorities.
