JD’s shoe deal probed

WATCHDOGS will investigate JD Sports’ takeover of a high Street shoe chain.

The Competition & Markets Authority inquiry will look into whether the retailer’s acquisition of rival Footasylum will lessen competition substantially.

JD Sports completed a deal in March to buy the footwear specialist for £90m. The move followed a slump in Footasylum’s value after it suffered two profit warnings last year, blaming tough trading conditions on the slowdown affecting the high Street.

JD’s shares barely shifted yesterday, eventually closing up 0.03pc, or 0.2p, at 634.6p.