Briscoe opts out of deal to buy Stirling Sports

Briscoe has decided against buying the Stirling Sports franchise, because not enough franchisees had signed up to a new franchise agreement.

In March Briscoe signed an agreement to buy the chain. The deal was conditional on a significant number of existing Stirling Sports franchisees signing up to the new franchise agreement by last Friday.

Briscoe managing director Rod Duke said the group would now look at other more viable franchise options, as well as focus on expanding its Rebel Sport chain.

Mr Duke said the Rebel Sports stores would be modified where necessary to a format that would better suit shopping malls.

"We will be developing new sites and will also consider opportunities to purchase existing independent sports retailers to re-brand as Rebel Sport," he said on Friday.

Shares in Briscoe last traded on Friday at $1.22, having ranged between $1.05 and $1.47 over the past 12 months.

- NZPA