Dublin group Stafford Holdings has unveiled plans to take its retail chain, Lifestyle Sports, into the Czech Republic, Slovakia, Hungary, Poland and Austria in a €150 million expansion plan.
Chief executive Mark Stafford said the group had already spent €10-€15 million on the buyout of Czech chain City Sport, which has 22 stores. It plans to spend €100 million abroad and €50 million in Ireland, in an effort to establish Lifestyle Sports as one of largest branded sports retailers in Europe.
The group will open seven new stores in the next six months in the Czech Republic and Slovakia. It will use the Lifestyle brand for the new stores and will also rebrand the City Sport outlets.
Stafford Holdings, which has its origins in the eponymous Wexford-based shipping business, acquired Lifestyle Sports for €60 million in November 2005. Controlled by the family of executive chairman Victor Stafford, the group is one of the largest privately held businesses in the State.
Stating that Lifestyle's international expansion would take place in the next five years, Mark Stafford said the group hoped to have more than 170 outlets employing 2,000 staff in six markets by 2012.
Lifestyle currently operates 73 stores in Ireland, three of which opened in the past three weeks. It will open another two Irish stores by the end of the year and up to seven more in 2008, Mr Stafford said. The chain expects to book sales of €250 million in the fiscal year to September 2008.
Lifestyle is understood to have had sales of €200 million in the year just finished, a performance which comprised 40 per cent of Stafford Holdings' overall turnover of €500 million.
The group also includes Campus Oil, Aztec Properties and Stafford Shipping.
Annual group earnings before interest, tax, depreciation and amortisation are about €30 million, its website says.
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