SPORTS DIRECT owners Frasers Group will buy one of Germany's leading athletic retailers Sport Scheck, as it continues on its retail shopping spree.

In an update, the Mike Ashley-backed retailer said the deal, which will see the business take over 34 stores, will help Frasers grow in Europe.

Frasers Group, one of the UK's most successful fashion sellers, said the sale was backed by sport powerhouses Nike and Adidas which are assisting the firm in its international expansion.

Sport Scheck has a 75-year presence in Germany with revenue of €350m (£302m), and 13m visitors per year.

Completion of the transaction will be subject to merger control clearance and Frasers said it expects the transaction to close in the early 2024.

Michael Murray, chief of Frasers Group, said: "Acquiring the leading sporting goods retailer in Germany is a big step in our journey to becoming the number one sports retailer in EMEA."

(c) 2023 City A.M., source Newspaper