Blacks Leisure Group plc
("Blacks Leisure" or "the Company")
Re: Store Opening Programme
Blacks Leisure Group plc, the leading UK outdoor retailing group, announces that it has commenced the store rollout programme which is the next phase in the Company's turnaround plan. Terms have been agreed on five new Blacks stores in Glasgow, Chester, York, Cheltenham and Stratford-upon-Avon. Two of these stores, York and Chester, have now begun trading and early customer reaction has been very positive. The store rollout programme is currently being funded from cashflow within the business which has been made possible by the strong trading performance over the key Christmas period, as previously announced.
In the absence of any concrete takeover offer from Sports Direct International plc, the Company intends to continue with the process of raising additional equity to further support the store rollout programme and is currently negotiating further new sites for both the Blacks and Millets brands.
Neil Gillis, CEO of Blacks Leisure, commented: "We are now two years into the turnaround programme for Blacks Leisure. The restructuring of the company last year has put us into an ideal position to now expand the business and the commencement of the store rollout programme is a critical point in the next phase of this turnaround programme."
- Ends -
Enquiries:
Blacks Leisure Group plc 01604 597 222
Neil Gillis, Chief Executive
Singer Capital Markets 020 3205 7500
Jeff Keating
Jos Trusted
Citigate Dewe Rogerson 020 7638 9571
Simon Rigby
Kevin Smith