Lifestyle to continue expansion

STAFFORD Holdings, the firm that owns Lifestyle Sports, is on the lookout for acquisitions as it continues an expansion across Europe.

The company will report a profit this year and will open more stores in the new year, having opened five in the last two months, creating 70 jobs.

Lifestyle has plans to become the largest branded sports retailer in Europe by 2012.

The family-owned Stafford Holdings purchased Lifestyle Sports in a deal believed to be worth about €40 million in 2005. Stafford Holdings other interests include Campus Oil and a shipping division. Chief executive, Mark Stafford said: “We’re not ruling out acquisitions. There is going to be consolidation in a number of sectors, certainly retail is not going to be immune from that and certainly sports retail won’t.

“As to what specifically will come along we’ll have to wait and see but we’re always good people for a cup of coffee and a chat.”

Mr Stafford said however that it can be hard to justify an acquisition as opposed to doing things organically.

“At the same time we’re constantly on the lookout for opportunities and we have very good balance sheets,” he said.

“There’s a lot of good sports retailers out there who we have a lot of respect for and if we meet the right one at the right time you just never know,” he added.

Mr Stafford said it has been a good year for the group overall.

“There’s no question Ireland Inc has had a tough year and some sectors have had a tougher year than others. Retail certainly has been in the eye of the storm.

“We have other businesses too that are recession proof. That’s the beauty of having a diversified group, you don’t have all your eggs in one basket. We’re able to spread our risk. We’re certainly pleased with how we’re trading. We’re trading well in a tough climate.

“If the market over the last 12 months has taught us anything it is to keep yourself in as good as shape and you can and leave yourself open to the opportunities that present themselves,” he said.

Despite considering opportunities in Europe, Mr Stafford said the core market for the group will continue to be Ireland,

“It will continue to absorb the majority of our financial investment over the coming period of time,” he said, adding that he can’t see why there can’t be an Irish success story in sports retailing beyond our shores.

It has three “firm deals” in the pipeline for the new year and also has plans to add extensions to premises and open more stores.

Mr Stafford said the plan for Lifestyle Sports going forward is to keep trying to improve what they are doing.

“We’re trying to express ourselves a bit more back into the fashion field. We’re very conscious of the environment we’re in at the moment and there’s a new thirst and requirement for value.

“It’s trying to give people the best products and the best brands at the best prices and that’s an ongoing challenge but we think we’re doing alright,” he said.

“Our view is that this too will pass and consumer mood is quite down at the moment but Lifestyle Sports has been around for 30 years and we plan on being around for another 30 years,” he added.