Sportswear retailer JD Sports has agreed a deal to sell the Canterbury rugby brand to sports and fashion retail group Pentland for £22.7m.
As part of the deal, JD will buy the OneTrueSaxon brand from Pentland, which owns Berghaus and Speedo, for £50,000.
JD, which says it does not sell much Canterbury product, does not see the brand as being core to future plans.
The group only bought into the rugby kitmaker, which supplies the Scotland and South Africa teams, in 2009.
Canterbury also supplies the kit to major rugby union sides such as Leicester Tigers. Leinster, Cardiff Blues and Glasgow Warriors.
“Having reviewed the options for Canterbury, we are pleased to have agreed its sale to Pentland on terms which are attractive for JD and provide Pentland with the opportunity to further build and develop the Canterbury brand,” said JD’s executive chairman Peter Cowgill.
The company said it would use the proceeds from the sale to invest in its core retail business.