Appointment of Administrators (2423V)

TIDMBSLA

RNS Number : 2423V

Blacks Leisure Group PLC

09 January 2012

Blacks Leisure Group plc

("Blacks Leisure" or the "Company" or, together with its subsidiaries, the "Group")

Appointment of administrators and sale of the business

Following receipt of final offers for the business and assets of the Group and the suspension of the Company's ordinary shares on 5 January 2012, the Company confirms the appointment today of Brian Green, Richard Fleming and David Costley-Wood, partners of KPMG LLP, as administrators to the Company and The Outdoor Group Limited and of Brian Green and David Costley-Wood as administrators of certain of its subsidiaries. The Company also announces completion today of the sale by the administrators of substantially all of the trade, assets and brands of the Group to a wholly owned subsidiary of JD Sports Fashion plc for a total cash consideration of GBP20m.

The net proceeds of the sale will be used to repay the Company's outstanding debt to its lender, Bank of Scotland plc. As previously announced, there will therefore be no value attributable to the Company's ordinary shares.

Application has been made for all the Company's ordinary shares to be removed from the Official List and from trading on the London Stock Exchange's main market for listed securities, which is expected to take place with effect from 10 January 2012.

Enquiries:

 
 Blacks Leisure                       Tel: [phone] 
 Peter Williams 
 
 KPMG LLP                             Tel: [phone] 
 Sorrelle Cooper 
 
 Citigate Dewe Rogerson               Tel: [phone] 
  Simon Rigby 
 Kevin Smith 
 
 Singer Capital Markets               Tel: [phone] 
  Ltd 
 Claes Spang 
 
 

A copy of this document will be published on the Company's website at www.blacksleisure.co.uk as soon as possible.

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCEAKFNEFXAEFF