Lifestyle Sports has been bought by Stafford Holdings, in a deal valued at around €40 million, reports the Irish Examiner. The family-owned fuel and property group said it wanted to diversify its interests with the Lifestyle chain of 71 sports shops and enter the rapidly expanding retail sector. Lifestyle realized a pre-tax profit of €5.5 million in the year ended October 2004 and employs around 900 people. The chain was bought out from the Tesco group in 1997 in a management buyout backed by venture capitalists ACT. Since then revenues have grown from €38 million in 1997 to €145 million this year.
Mark Stafford, Stafford Holdings chief executive, will join the board of Lifestyle Sports, which will remain intact. “The prospects for further growth are excellent, given its inherent attributes and, as such, it is an ideal diversification vehicle for Stafford Holdings,†he said. Lifestyle will continue to open four new stores in the coming year. Last year it opened nine new stores.
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