JD Sports buys control stake in Tiso Group

Outdoor clothing retailer Chris Tiso has sold a controlling

interest in his eponymous Edinburgh-based chain of stores to JD Sports Fashion for an undisclosed sum. The outdoors apparel retailer was founded in 1962 by mountaineer Graham Tiso and his wife Maude and employs about 300 staff in Scotland and the north of England.

In a statement, the company said the deal will allow Tiso to grow and develop its business which includes Alpine Bikes, George Fisher and Blues the ski shop. Tiso will become part of JD’s outdoor division alongside Blacks and Millets.

According to Tiso’s latest accounts to January 2012, the company incurred in a 1.1 million pounds loss on a turnover of 25.4 million pounds. This is far behind the previous year´s 790,000 pounds profit.

Tiso´s founder said the "strategic investment" by JD would allow it to grow and develop existing businesses Alpine Bikes, George Fisher and Blues the ski shop. Tiso said it was pleased to have formed a relationship "with a strong partner", he added.

They are to become part of the JD's Outdoor division, which already includes Blacks and Millets. JD executive chairman Peter Cowgill will take over as chairman at Tiso and Chris Tiso will continue as chief executive of the group. Besides, the Tiso family will retain a stake in the company they founded.