Breaking news: Tiso part sold to JD Sports
The Scottish outdoor chain has sold a controlling share to JD Sports, owner of Millets and Blacks
Tiso, the Scottish chain of outdoor stores, has sold a controlling interest to JD Sports Fashion, it was announced on Tuesday November 12.
JD already own Blacks and Millets outdoor retail brands, the Tiso family will retain a 'significant shareholding' in the company.
A statement from Tiso said:
This investment will see bank debt at the Scottish based retailer significantly reduced and the business recapitalised.
JD, who already own the well known Blacks and Millets outdoor retail brands, were attracted to Tiso by its diversity of brands and product categories alongside its strong heritage and reputation for quality. Moving forward Tiso Group fascias will form an important part of JD’s overall strategy for Outdoor.
Tiso are pleased to have formed a relationship with a strong strategic partner which will allow future growth and development to be built on the foundations established over the last fifty years. Most recently Tiso has undertaken a review of its estate and strengthened its management team.
Chris Tiso, Chief Executive, Tiso and Peter Cowgill, Executive Chairman, JD are equally committed to this exciting opportunity as both understand the potential value of the Tiso Group companies and brands.
Peter will take over as Chairman at Tiso with Chris remaining as Chief Executive. The Tiso family will retain a significant shareholding in the company.