JD Sports raises £464m to fund future expansion plans

Sportswear brand JD Sports this morning announced it had raised £464.2m which it will use to fund its expansion plans as it eyes acquisition opportunities in new markets.

The retailer said that it had placed 58.4m new shares at 795 pence a share, representing about 6.0 per cent of its share capital.

The successful raise comes a little over a week after it was reported that the firm was looking to tap shareholders to fund its expansion.

JD Sports said it was looking to increase its “flexibility to invest in further strategic opportunities”.

City PM understands the company is actively exploring sports fashion acquisitions in Eastern Europe and South Africa.

It is also seeking new flagship stores in key international cities, including in the US.

However JD Sports has hit pause on US acquisitions following two major deals.

The FTSE 100 firm bought American sportswear brand DTLR Villa on Monday for $495m, which followed the $325m purchase of Shoe Palace in December.

The retailer had also been in talks to buy some of the brands of collapsed high street empire Arcadia.

However, it was pipped to post by Asos, which snapped up chains such as Topshop and Topman last week.