JD Sports buys controlling interest in outdoor retailer Tiso
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The owners of Millets and Blacks have taken a controlling interest in the Scottish-based outdoor retailer Tiso.
JD Sports bought the stake in the business, which has 10 branches in Scotland, for an undisclosed sum.Tiso, which sells outdoor clothing and equipment, said the “strategic investment” would allow it to develop its existing businesses Alpine Bikes, George Fisher and Blues the ski shop.
The move will see JD executive chairman Peter Cowgill take over as chairman at Tiso.
The first Tiso shop was launched in Edinburgh in 1962 by mountaineerr Graham Tiso.
His son Chris continue as chief executive of the group and the Tiso family is retaining a shareholding in the company.
The company, which has 10 outlets around Scotland, will remain based in Edinburgh.
Tiso joins JD’s outdoor division, which includes Blacks and Millets, which it bought out of administration last year.
KPMG head of retail David McCorquodale, who adviser on the sale, said: “The outdoor retail market is consolidating and scale with national coverage is an important aspect of meeting consumer needs.
“To bring the Tiso brand into an ambitious larger group that can offer the full range of choice is a logical step for the Tiso family to take.
“For JD Sports, there is plenty of opportunity for further development of a business which has market leaders in Tiso, George Fisher, Alpine Bikes and Blues skiing.”
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