Concept Sports acquires Kea Designer Sportswear
Australian sports event retailer Concept Sports Limited has bought the remaining 50% shares of Kea Designer Sportswear (UK) Limited from Cooneen Textiles Ltd for £320,000. The Company now owns 100% of the sports apparel retailer’s UK arm.
Chief executive officer, Glen Casey, believes this acquisition will offer the business a permanent presence in Europe, allowing it to expand the reach of its sportswear and education divisions. He expects European operations to be a major contributor to the company's profitability almost immediately.
The company also revealed that it has undertaken the first stage of cost reductions domestically by restructuring its head office functions and events business and by shutting its Port Melbourne warehousing operations, which are to be transferred to other warehouses in the group.
