Pentland bids for JD

John David Group has received a cash offer from Manchester Square Enterprises, a subsidiary of Pentland Group, of 211.2p a share. The offer values JD Group at£99 million. However a spokeswoman for the bidder said the move was a formality. City regulations require any share purchase resulting in a shareholding of over 30 per cent to automatically make an offer for the whole company.

According to a statement from Goldman Sachs on behalf of Manchester Square, JD Group founders David Makin and John Wardle have already signed over their combined 45 per cent stake to the bidder, bringing its holding to 56 per cent.

However, a spokeswoman for the Pentland Group, which operates as an investment for the Rubin family said that it was not interested in running the company. The offer is around 7p lower than the current share price and the group does not expect other shareholders to take up its offer.

JD Group today announced its results for the 52 weeks to January 29, with turnover up 3 per cent on last year to£471 million. Profit before tax was also up, by 25 per cent to£2.6 million.

The Pentland Group owns the world's largest portfolio of major international brands in the sports, leisure and fashion markets. Brands in its stable include Berghaus, Speedo and Gossard.