Barclays’ £20m for new Whelan venture
SPORTS retail veteran Dave Whelan secured a £20m finance facility for his new venture, DW Sports Fitness.
The founder and former chairman of JJB Sports last month splashed out more than £80m on buying the company’s 53 health clubs and related stores, which he is rebranding DW Sports Fitness.
The 53 gyms have around 215,000 members. Turnover from them and the shops which share their location is expected to be £168m in the next year.
Barclays Commercial Bank in Manchester was the sole arranger for the £20m finance facility, which underpinned the original acquisition from JJB and supports the ongoing development of the DW business.
The bank has long-standing links with Mr Whelan, who launched a retail business after his professional football career was ended by injury.
He said today: “Having founded the JJB business over 40 years ago, I am delighted to be back in the driving seat and ready to revitalise the business under our new brand DW Sports Fitness and to safeguard so many jobs.
“The management team we have formed has a wealth of experience and are well equipped to take the company from strength to strength. We are pleased to be continuing our relationship with Barclays who we see as a trusted advisor.”
Dave Culshaw, relationship director at Barclays Commercial Bank in Manchester commented: “Barclays has supported Dave since his market stall days some 40 years ago and we are delighted to play a key role in the formation and ongoing success of his new venture, DW Sports Fitness.
“We are confident this will become a key brand name in the market place for many years to come.”
Meanwhile it is reported that Mr Whelan is in talks with JJB Sports – which was yesterday saved from administration after landlords backed a Company Voluntary Arrangement – to buy a helicopter and the Slazenger golf brand from it for around £10m.
