Frédéric Poux joins the sports store cooperative, which is going through a management crisis.
A franchisor takes the lead at a retail cooperative. Frédéric Poux has been appointed President of Sport France SAS, the commercial structure of the independent Sport 2000 network. Until February last year he was CEO of affiliates of Afflelou.
The information was confirmed on Wednesday by Activa Capital, which holds 52% of the shares of the cooperative. It was revealed by the specialized information site Sport-guide.com.
The investment fund deals with the management crisis that arose at the end of July by taking a majority of the board of directors. A " ruthless decision According to the employees.
Activa Capital acted « as a result of the non-compliance by the cooperative with the commitments entered into in the agreement between Activa Capital and the Sport 2000 cooperative on 7 June 2018, which provides for the acquisition by the cooperative of the participation in Activa Capital ".
When the financial operator joined the company in 2008, he intervened as a minority. The goal was to develop integrated stores owned by the central purchasing office. The project has failed. He has dug the debt of Sport 2000 to 40 million euros, according to the former chairman of the board. Activa Capital took the largest share of the capital in 2010, but the employees held operational management after a first confrontation.
The finances have been cleared. The brand is doing worse than its competitor Intersport, but growing faster than the market (+ 5.6%, to 626 million euros in 2017, compared to 4%). Activa Capital would like to take advantage of this good trend to go out. Employees give the fund the wish to inflate the result by reducing investments.
Frédéric Poux will play appeasement. He left Afflelou, where he had done his entire career, after the failure of the IPO. He is used to independent traders. He knows the funds. Afflelou is owned by Lion Capital with 40%, the Caisse des dépôts du Québec with 30% and 14% with Apax