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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Jjb Sports | JJB | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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|---|---|---|---|---|
| 0.00 | 0.00% | 0.40 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 0.40 | 0.40 |
| Top Posts |
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Posted at 24/9/2012 07:36 by sir rational 24 September 2012 JJB Sports plc ("JJB" or the "Company" or, together with its subsidiaries, the "Group") Suspension of trading in the ordinary shares and proposed appointment of administrators On 30 August 2012, JJB announced a formal sale process and that it wished to invite offers to support further investment in the Company. Since that date, JJB and its advisers have held discussions with a number of selected parties who have now submitted their final offers. Based on the final offers received and as previously foreshadowed in the announcements on 30 August 2012 and 13 September 2012, no value will be attributable to the Company's ordinary shares. The offers received include offers to acquire certain of or substantially all of the trade, assets and brands of the Group. However, the Board notes that it does not have and does not now expect to receive an offer for the shares of JJB. Accordingly, the Takeover Panel has confirmed that the Company is now out of an offer period. The Board has determined that any sale of the trade, assets and brands will be effected through an administration process. Therefore it is expected that the process to commence the appointment of administrators of the Company and certain of its subsidiaries will begin today although the actual appointments are only likely to take effect just before the completion of any such sale. The Group will therefore continue to trade through all retail outlets outside of an administration pending completion of a sale process. It is proposed that Brian Green, David Costley-Wood and Richard Fleming, partners of KPMG LLP, will be appointed as the administrators of the Company and certain of its subsidiaries. The Company's ordinary shares have been suspended from trading on the London Stock Exchange's AIM market with immediate effect. The Company currently hopes to be in a position to announce a sale of the trade, assets and brands of the Group within the next few days. |
Posted at 20/9/2012 00:00 by harrissen Wednesday 19 September 2012Sports sale hit by HMRC tax investigation The sale of beleagured retailer JJB Sports has been dealt a blow after details of a multi-million pound tax investigation by HM Revenue & Customs emerged. JJB is understood to have made mistake totalling more than £5m in allocating The Daily Telegraph has learned that HMRC has been looking into allegations that the company wrongly charged VAT on children's clothing including Manchester United and Liverpool FC replica football kits. Mistakes are understood to have been made over more than three years dating back to 2006. While the company warned in its annual report of a £5.3m provision associated with HMRC, no details had previously emerged. Mistakes in allocating codes to certain lines of clothing meant thousands of items wrongly had VAT allocated to them. The tax is not normally applied to children's clothing. Although JJB has been discussing the matter with HMRC for some months, it is understood fresh details about the matter have recently been sent to the taxman and to Mike Ashley's Sports Direct, the frontrunner to buy JJB out of administration. The sale of the company was widely expected to have been concluded by now. Last week the group put out a statement in which it warned: "JJB continues to hold discussions with a number of parties but it is unlikely that any value will be attributable to the ordinary shares." |
Posted at 18/9/2012 18:30 by sir rational If JJB Sports fails to close its rescue deal with Sports Direct (Frankfurt: A0MK5S - news) , the company could be broken up or sold to a private Irish conglomerate, Stafford Group.The Dublin-based company, which owns Irish Lifestyle Sports, is amongst eight would be buyers who have made bids for JJB (LSE: JJB.L - news) in the past month. Although sources are adamant that a deal with Sports Direct is the most likely outcome, alternative options are now being pursued with concurrent negotiations with rival bidders. "The need for a back-up plan is the only prudent option," said a source. Last week, negotiations with Mike Ashley's Sports Direct became entangled in increasing fears about competition hurdles. In 2010, Sports Direct was investigated by the Competition Commission over the acquisition of just 31 JJB stores. At the time, the deal for 31-shops was allowed to go through because it was seen as relatively small-beer. Diana Guy, who was deputy chairman of the regulator was reported as saying that Sports Direct and JJB were "each other's closest competitors nationally" but that this would not change as a result of 31-shops exchanging hands. Ms Guy went on to say that "competition" would depend on "the degree of overall competition between the two retailers at the national level." Under the current deal terms, a pre-pack administration would carve out a portion of shops from JJB's 180 stores. Sports Direct's already has 290- shops in its portfolio. On Tuesday, JD Sports, which was one of the original bidders for JJB's, decided to rule itself out of the sales process. A deal is expected by the end of this week. |
Posted at 18/9/2012 13:48 by fumanchuchu City Spy: Upbeat JJB bosses wide of the goal18 September 2012As beleaguered JJB Sports braces itself for a pre-pack administration and potentially thousands of job losses, potless investors could be forgiven for not looking through the same rose-tinted spectacles worn by management in recent times. Beverley Williams, who is JJB's interim chief executive, said on July 30: "JJB has a great deal of potential and I am confident that with the continued help and commitment of our staff, suppliers and investors we can forge a stronger future for the business." Then there's the equally upbeat Bob Corliss, who took over as JJB's chairman this month. He said earlier in July: "JJB has been through some difficult times, yet it is clear that there is a real market opportunity for a national authentic sports retailer here in the UK. "JJB can be that retailer and I'm energized by the prospect of leading the company through the next phase of its turnaround." As Mike Ashley's Sports Direct is the favourite to buy part of JJB out of administration, City Spy thought his comments in July 2011 were particularly pertinent. He told analysts: "I'll finish off JJB first and then I'll move on to JD." JD Sports Fashion boss Peter Cowgill should be on his guard. |
Posted at 18/9/2012 11:38 by sir rational 18 September 2012 JD Sports Fashion boss Peter Cowgill today washed his hands of stricken rival JJB Sports and put its woes down to "poor management". JJB is expected to be snapped up by Mike Ashley's Sports Direct this week after a pre-pack administration, with many of its 180 stores closed and more than 2,000 jobs lost. Cowgill said JD Sports - at the fashionable end of the sportswear market - wasn't interested in JJB even if competition regulators scuppered the Newcastle United owner's move. "We assessed the situation and we made a decision that we would focus on our own stores and our own proposition," he said. JJB "had suffered at the hands of poor management over a long period". Cowgill added: "JJB has been squeezed in between Mike Ashley and us ... It has been very difficult in the middle market. It's had £350 million put in, two CVAs [company voluntary arrangements with landlords] and they've ended up with nothing." Cowgill also has his hands full turning around another failed retailer, after buying Blacks Leisure out of administration in January. As expected, Blacks recorded a loss of £10 million in the first three months as JD restored broken supply lines and cut costs, slicing pre-tax profits for the six months to July 28 from £16 million to £2.9 million. Blacks is aiming to break even in the second half. Recent trading has been more difficult for JD Sports' fashion brands - Bank, Scotts, Cecil Gee and the recently acquired Tessuti and Originals - where like-for-like sales are down 6% in the past six weeks. Cowgill said he would be "foolish not to be concerned". The shares fell 2% or 16.5p to 715p. Investec analyst David Jeary said: "With management expecting close to break-even at Blacks in the second half, this bodes well even though much remains to be done yet." |
Posted at 15/9/2012 21:55 by fumanchuchu OFT probe into sale of failed JJB's shopsThe Office of Fair Trading is expected to investigate any attempt by Sports Direct to snap up the 180 stores owned by JJB Sports, which is expected to file for administration later this week. Mike Ashley's sportswear giant is thought to be the favourite to acquire the remnants of JJB, though the Newcastle United owner is interested in fewer than 50 of the stores. Even with additional interest from JD Sports Fashion, it is considered likely that more than 100 shops will close, resulting in the loss of at least 2,000 jobs. JD has been interested in taking over JJB since at least early last year, when the parties were in early-stage takeover talks that came to nothing. JJB is almost certain to appoint administrators this week in a pre-pack deal, which will allow a new owner to buy it out of technical insolvency with fewer shops and far less debt. Over the past four years, investors have pumped more than £225m into the business, which has struggled badly as families tightened their wallets. The OFT has previously looked into Sports Direct's interests in JJB, including store sales. Sports Direct also owned a stake in JJB, though this was sold three years ago. If, as expected, JJB files its notice of intention to appoint administrators this week, there will be 10 working days to secure a rescue deal. |
Posted at 14/9/2012 22:34 by fumanchuchu Sports Direct is frontrunner in JJB saleBy Andrea Felsted, Senior Retail Correspondent A deal to salvage some of JJB Sports could be struck as early as next week, with Sports Direct , the sports goods retailer controlled by Mike Ashley, a frontrunner to pick up part of the business. People close to the process said it was likely that any deal would be by way of a pre-pack administration, which would result in the closure of a significant number of JJB's 180 stores, as well as substantial job losses. According to JJB's last annual report, it had 2,800 full-time equivalent employees. JD Sports , which in January struck a deal to acquire Blacks Leisure, is also among those interested in part of JJB. A deal with Sports Direct may need clearance from competition authorities. KPMG, which has been appointed to sell JJB, had hoped to clinch a deal by Friday. However, it is now expected to drag into next week. One of the factors complicating the process is that none of the interested parties are keen to take on the whole of JJB's 180 store estate. One person familiar with the sports goods market said that neither Sports Direct nor JD Sports would want to pick up a significant number of stores, but would instead cherry pick the best sites. KPMG would be keen for a buyer to take as many stores as possible, they said. Dave Whelan, who founded JJB, would also be interested in 30-40 stores, while retail restructuring firm GA Europe also submitted a bid. Many retailers are due to pay three months rent on September 29, which may also affect the timing of a deal. Sports Direct and JD Sports' interest provides some hope for JJB after a number of the frontrunners to acquire the business pulled out of the race. The FT revealed on Monday that Jon Moulton's Better Capital had not submitted a bid for the business, even though it had looked at JJB before it was put up for sale. It also emerged on Monday that Decathlon, the French sporting goods retailer, would not be pursuing a bid. OpCapita, the private investment company, also received the sales information but asked for more time to assess whether any of JJB was of interest to it. JJB was put up for sale last month . It said on Thursday that a number of parties had submitted offers, and it continued to talk to interested parties. However, its shares were likely to be worthless. |
Posted at 14/9/2012 22:14 by sir rational Sports Direct is frontrunner in JJB saleBy Andrea Felsted, Senior Retail Correspondent A deal to salvage some of JJB Sports could be struck as early as next week, with Sports Direct, the sports goods retailer controlled by Mike Ashley, a frontrunner to pick up part of the business. People close to the process said it was likely that any deal would be by way of a pre-pack administration, which would result in the closure of a significant number of JJB's 180 stores, as well as substantial job losses. According to JJB's last annual report, it had 2,800 full-time equivalent employees. On this topic Decathlon backs off from JJB Sports bid JJB Sports suitor stops short of offer JJB Sports sale gathers pace JJB Sports for sale as turnround efforts fail JD Sports, which in January struck a deal to acquire Blacks Leisure, is also among those interested in part of JJB. A deal with Sports Direct may need clearance from competition authorities. KPMG, which has been appointed to sell JJB, had hoped to clinch a deal by Friday. However, it is now expected to drag into next week. One of the factors complicating the process is that none of the interested parties are keen to take on the whole of JJB's 180 store estate. One person familiar with the sports goods market said that neither Sports Direct nor JD Sports would want to pick up a significant number of stores, but would instead cherry pick the best sites. KPMG would be keen for a buyer to take as many stores as possible, they said. Dave Whelan, who founded JJB, would also be interested in 30-40 stores, while retail restructuring firm GA Europe also submitted a bid. Many retailers are due to pay three months rent on September 29, which may also affect the timing of a deal. Sports Direct and JD Sports' interest provides some hope for JJB after a number of the frontrunners to acquire the business pulled out of the race. The FT revealed on Monday that Jon Moulton's Better Capital had not submitted a bid for the business, even though it had looked at JJB before it was put up for sale. It also emerged on Monday that Decathlon, the French sporting goods retailer, would not be pursuing a bid. OpCapita, the private investment company, also received the sales information but asked for more time to assess whether any of JJB was of interest to it. JJB was put up for sale last month. It said on Thursday that a number of parties had submitted offers, and it continued to talk to interested parties. However, its shares were likely to be worthless. |
Posted at 14/9/2012 13:58 by sir rational Moulton's Better Capital Didn't Submit Bid for JJB Sports: Sources - FTDate: 1:50 am, 10 Sep 2012 / DJ Jon Moulton's Better Capital PCC Ltd. (BCAP.LN) didn't submit a bid for struggling U.K. sports retailer JJB Sports (JJB.LN) by the deadline on Friday, the Financial Times reported Sunday on its website, citing unnamed sources. Despite Better Capital not making a bid, JJB was encouraged by the level of interest in the company, the report cited the sources as saying. One of the groups thought to have submitted bids was retail restructuring firm GA Europe, the report said. JJB, which is continuing talks with interested parties beyond Friday's deadline, sent sales information to more than 10 parties a week ago, with private investment firm OpCapita and French sporting goods retailer Decathlon thought to have received the information, according to the report. Decathlon was likely interested in a very slimmed down chain rather than the entire 180-store estate, the report cited sources with knowledge of the sports goods retailing market as saying. Full Story: |
Posted at 12/9/2012 20:12 by pal44 just read this ..JJB has been riven by both internal and external battles. It has been unable to recover from the disastrous tenure of Chris Ronnie, chief executive between 2007 and 2009, who made a series of poor acquisitions that saddled it with debt. In April, Ronnie was charged with a series of offences relating to an alleged £1m fraud at the retailer. Ronnie denies the charges. Analysts suggest the next test for JJB will be 29 September, when a big rent bill falls due. Dave Whelan, its founder, is keeping a watchful eye on his former charge. In 2009, he acquired its health club chain in a generous £83m deal that bought JJB some time. "I don't want it to go [into administration] and it would be sad for Wigan if it did go," he says. Although a fraction of its former size, the 180-store chain still employs more than 4,000 people. If JJB were to collapse, Whelan would be interested in buying "certain aspects" of it: "I wouldn't be looking at the whole of JJB. There's quite a lot of things wrong and it's been badly run." But there is no reason why a sports shop "run well" shouldn't succeed, he says: sales in the gym shops, now called DW Sports Fitness, are up 15% "purely on the back of the Olympics". Following a recent visit to JJB's Wigan head office, the supplier left with a sense that it was all over: "There seemed to be no fight, no leadership, no strategy." JJB has its own Olympic mascot in the shape of gold-medal-winning rower Sir Matthew Pinsent, who sits on its board. But there is little sign of Pinsent's sporting glory rubbing off on JJB. |
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