Addleshaw Goddard has advised JD Sports on a £56.5m restructuring deal for Go Outdoors that is set to secure more than 2,000 jobs.
The AG restructuring team was led [out of the Manchester office] by Tim Taylor, and included Jason Scott and Calum Redhead.
JD Sports appointed advisers to market Go Outdoors for a potential sale in May this year as Covid-related restrictions combined with inflexible property lease terms meant the retail chain was no longer viable as structured. Yesterday, the directors of Go Outdoors appointed Deloitte as administrators.
The pre-pack sale announced yesterday evening will mean the chain's 67 stores remain occupied and open.
JD Sports intends to honour all principal historic liabilities of Go Outdoors including branded stock suppliers, HMRC liabilities on taxation, customer returns, and gift cards.
The deal sees Go Outdoors reacquired from its administrators by a newly-incorporated subsidiary JD Newco 1 Limited, with all pre-existing staff transferring across to the new company.
Tim Taylor said: "We are delighted to have been part of finding a solution that means Go Outdoors can continue as a part of the JD Sports group. Many businesses have been hit hard by the coronavirus crisis. But thanks to this deal the chain has a chance to secure its future and we are pleased to have been able to offer our knowledge and expertise to help make this happen."