JD Sports rescues Gio Goi from administration

JD Sports has added ailing Gio Goi to its exclusive brands portfolio after buying the music-inspired apparel retailer that went into administration in January. Administrators at KPMG said in January that various companies had shown interest

in acquiring Gio Goi and barely weeks later, JD Sports has taken over.

“Following our appointment as administrators to Gio Goi last month, I can confirm that we have successfully sold the brand and stock to JD Sports Fashion for an undisclosed sum. The joint administrators will now concentrate on realising the remaining assets and winding down the companies,” Jane Moriarty, a restructuring partner at KPMG said on Tuesday as reported by the ‘Manchester Evening Standard’.

In the same vein, she backed the election of the multi-brand athletic gear retailer stressing that “JD Sports Fashion Plc is renowned for developing brands and will look to build on Gio Goi’s rich history.”

Administrators were appointed to Gio Goi, Gio Goi Retail, and Gio Goi Brands in January, after the company closed three shops last summer in Manchester, Aberdeen, Glasgow, but continued to sell its clothes through retailers such as JD Sports.

Christopher Donnelly – one of the brothers who set up the label - still holds shares along with other investors, but the largest shareholder is the Pentland Group, a brand management company which has bases in Manchester. Its other brands include Berghaus, Boxfresh, Red or Dead and Speedo.

“The joint administrators will now concentrate on realising the remaining assets and winding down the companies,” Moriarty added, putting the accent on how JD Sports Fashion is renowned for developing brands and will look to build on Gio Goi’s rich history.”

Gio Goi was founded in 1989 by Wythenshawe brothers Anthony and Chris Donnelly, who made their names organising raves across the region. Up to the date, it had continued to operate as a designer and wholesaler in London, and its clothing was sold by retailers including JD Sports, Littlewoods, Republic and a network of independent stores.

In September last year, JD Sports Fashion bought Manchester fashion brand Henleys and Cheadle Hulme-based sports clothing designer Source Lab, which makes licensed clothing for soccer clubs, paying 2.6 million pounds for each business.