Sports Direct to sell Dunlop

In a shock deal worth £112 million, Sports Direct has revealed that it will sell sportswear brand Dunlop.

Sports Direct owner, Mike Ashley will be selling the company to Japanese firm Sumitomo Rubber Industries and will be purchasing all trademark and licensing rights, including its retail businesses.

Mr Ashley, who bought Dunlop in 2004 for £40 million from the Royal Bank of Scotland, commented that his company does not have the “bandwidth to develop and manage international brands simultaneously.”

Following a hard year for the company and Mr Ashley with media attention such as shareholder revolts and “Victorian” working conditions, sales have also withered, revealing profits have decreased by more than half in the six months to 23^rd October to £71.6 million.