Online sportswear and equipment retailer adds to growing portfolio
Home shopping specialist Kleeneze has acquired online sports retailer Kitbag forÂŁ6 million in a cash and share deal. Kitbag sells a range of branded and own-label sports and fitness products. It also has contracts with a number of football clubs, including Manchester United, Chelsea and Barcelona, to supply their online and mail order operations in the UK and certain other territories. For the financial year ended July 31, Kitbag reported a turnover ofÂŁ8 million with gross profits ofÂŁ3.4 million.
Kleeneze chief executive William Rollason said: 'I am very excited about the acquisition of Kitbag because it is a further step in our development as a multi-channel retailer. Kitbag's highly regarded management team is staying with us and I welcome Richard Styles and his team to the Group.'
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