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New store expansion for TRI UK, as Sports Direct takes ownership

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Specialist multisport retailer TRI UK has unveiled expansion plans for five new stores across the UK, taking its total to six stores – with the original TRI UK Yeovil 17,000 square foot store still based at its home in South West England.

The new TRI UK store expansion coincides with a company filing made on 10 October that confirms major UK sports retailer Sports Direct as the new owner of TRI UK. The filing with the UK’s Companies House states that the 100 ordinary shares in TRI UK (via its Tri Yeovil UK Ltd registered business) are now held by SportsDirect.com Retail Ltd.

The terms of the deal, which sees Sports Direct take control of one of the UK’s leading multisport store operators, were not disclosed. TRI UK founder Chris Boon remains on board as a director of the Sports Direct-backed TRI UK operation. Other directors include: Dotun Adegoke (Senior Buyer at Sports Direct), Cameron Olsen (Head of Legal & Company Secretary at Sports Direct) and Rachel Stockton (Head of Customs & VAT and Buying Office Manager at Sports Direct).

As the UK’s largest sporting goods retailer, publicly traded Sports Direct International reported turnover of £3.2 billion in the 12 months to April 2017, up from £2.9 billion in the previous reporting period. Net profit before tax stood at £282 million.

Construction of the first flagship TRI UK store is already underway and is due to be completed in early 2018. This new store, based near Nottingham, will offer customers a sizeable 25,000 square feet of sporting retail space. According to TRI UK, ‘this latest store will carry forwards the same ranges of brands currently stocked by TRI UK’s Yeovil store and the same level of expertise and experience that TRI UK currently offers.’

Russell Merry of Cycling Sports Group (CSG) said “We are pleased to be a partner in TRI UK’s expansion plans. The cycle retail industry is constantly evolving and we are excited to be a part of the next stage of TRI UK’s growth. To have such a large amount of retail space for our Cannondale brand will enable us to showcase to customers the full breadth of the range – all under one roof! I am confident that the customer experience will be fantastic!”

As a leading UK triathlon retailer, since originally launching over 25 years ago, TRI UK’s Yeovil store has offered 17,000 square feet of retail space that has enticed customers down to Yeovil in South West England for the past 12 years. According to the company, ‘these new expansion plans will now mean that TRI UK and their brand partners can reach customers from further afield, making it far easier for triathletes and cyclists to experience what TRI UK can offer.’

Dave Rainsford of Scott Sports UK said “These are exciting times for triathlon and cycling in general. Scott Sports have signed up the Brownlee Brothers until 2020, investing heavily in the triathlon market. These TRI UK expansion plans are going to help further expose our Scott brand to the marketplace.”

Such expansion plans require experienced staff at all levels; so TRI UK is now actively recruiting. TRI UK is looking for experienced and qualified cycle technicians, workshop managers, shop floor assistants, bike fitting staff and general store managers. These new stores will provide approximately 150 new jobs in the cycle industry over the next 18 months as the expansion plans roll out across the UK.

Chris Needs, UK Country Manager for PON, and its brands Focus and Cervélo, said “Working with both brands it helps when we have retailers that are also performance focused. We have been working with TRI UK for many years now and they have always had that focus. Five weeks ago Cervélo awarded TRI UK ‘Best P5X Performance dealer in Europe’. So we are looking forward to supporting TRI UK with their expansion where possible for 2018 and beyond.”

www.triuk.com
www.sportsdirect.com

 

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