Pentland Brands to axe almost 100 roles

Pentland Brands has announced that it will cut almost 100 jobs at JD Sports, The Times has reported.  

This comes as the billionaire Rubin family, which owns a majority stake in the sports retailer, has hired consultants from McKinsey to advise on a new strategy for Pentland Brands, which also owns Speedo, Ellesse and Berghaus. 

According to the group, the decision to axe a total of 90 positions will “simplify the way the business is organised”. 

In a statement, the company also said that it plans to focus more resources on product, digital, consumer data and analytics.

In addition, the group is considering opening a new office in London, which Pentland maintains would not impact its offices in Nottingham and Sunderland. 

The business changes are expected to take place by the end of September, while its new London office is due to open in early 2024. 

Chirag Patel, CEO of Pentland Brands, said: “We’re a growing business with 2023 revenue and profit expected to exceed pre-pandemic highs.

“Our plans will accelerate this growth and position us at the forefront of digital innovation and consumer engagement, at a moment in time when our brands are more important than ever in helping people to live more active and healthy lives.”

He added: “With our new hub in the heart of London, we will create a collaborative space with a strong culture and community. A creative place where our teams and our brands can thrive, grow and deliver on our purpose to pioneer brands that make life better.”

In its recent financial results, Pentland Brands achieved revenues of £1.9bn in 2021 and pre-tax profits of £85m.