The decision to downsize is part of a broader strategy to drive efficiencies following the company’s recent acquisition spree. Credit: Shutterstock

Mike Ashley-owned Frasers Group says the funds of the sale of Bobs and EMS to GoDigital Media Group will go into its general working capital pool.

It notes the Bobs and EMS store estate does not include any of the new elevated stores which are core to its FG Elevation strategy.

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“The disposal of these non-core businesses allows Frasers Group to have an even greater focus on delivering its Elevation strategy by focusing on store experience, digital and product,” the company says.

It adds: “The board of FG is grateful to staff in Bobs and EMS for their loyal service and wishes these businesses every success for the future.”

Frasers Group, then trading as Sports Direct International, acquired Bob’s Stores and Eastern Mountain Sports in April 2017 as part of its bid to boost its US portfolio.

More recently, Frasers Group increased its investment in Hugo Boss AG and acquired digital retailer Studio Retail Limited and other assets of Studio Retail Group Plc, in a GBP26.8m deal after it collapsed into administration.

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Meanwhile, in March, Frasers Group acquired Boucher Shopping Park in Belfast, Northern Ireland, as part of its commitment to investing in bricks-and-mortar property.   

Michael Murray was appointed as the new Frasers Group CEO on 1 May.