NATIONAL: The future of global sportswear brand Canterbury is looking a little more assured after UK sports apparel group JD Sports bought its struggling European operations.
The purchase, from Bahrain private equity fund Kuwait Finance House, was for an undisclosed sum.
The European business of Canterbury was placed into administration last month.
The deal means Canterbury Australasia will operate under an exclusive licence from the listed retailer with the current management team and sponsorship agreements remaining in place.
As a result the current 40 per cent shareholder, Ross Munro, has moved to full ownership of Canterbury of New Zealand Limited.
In a statement released last night, Canterbury Australasia chief executive Scott Chapman said the sale would help the group gain back traction in the competitive sports market.
"With more than 400 stores throughout the UK… JD Sports is a proven performer in sports apparel and exactly the type of owner that Canterbury needs to continue to be internationally competitive," Chapman said.
JD Sports shares the same parent company as fashion brands Lacoste and Speedo.