JD Sports agrees Iberian JV with Sport Zone

Sports fashion retailer JD Sports has agreed to join its existing business in Spain and Portugal with one of the largest sports retailers in the region.

The Bury-based company, whose year end profits are expected to top £200m,  has agreed a memorandum of understanding between JD Sprinter Holdings, its Spanish and Portugese business, and the Sport Zone business of Sonae.

The two companies will join forces to create the Iberian Sports Retail Group, with the JD Group holding 50%, Sonae 30% and the family shareholders of JD Sprinter holding 20%.

They have an estimated combined turnover of more than €450m and a store network of 287 stores (191 of which are in Spain and 96 are in Portugal).

In a stock market statement the company said: “Sonae and JD Sprinter have a deep knowledge of sports retail in Portugal and Spain and both will play a key role in the future strategic and operational management of the Iberian Group.”