Tue, 02 Oct 2012 | ADMINISTRATION
Administrators appointed to JJB Sports were able to sell on 20 of the chain’s 153 national stores before the company finally collapsed into administration last night.
Sports Direct, a long-time arch rival of the chain, scooped up 20 of the beleaguered chain’s stores in a deal worth £24 million, saving around 550 jobs, including those of warehouse staff. Sports Direct has also bought up all of the remaining JJB stock and Slazenger Golf brand licences. It has also purchased the freehold of JJB’s Wigan headquarters.
The chain’s remaining 133 stores were unable to be saved and were closed with immediate effect.
The company has been struggling to stay afloat for a number of years, after a number of poor acquisitions made between 2007 and 2009 saddled it with significant debts.
The administration is being handled by financial services firm, KPMG. David McCorquodale, a corporate finance partner at KPMG who led the sales process, said that more than 100 parties had expressed interest in buying parts of the company, but none had been viable.
“Unfortunately the level of cash and further operational restructuring required to rescue a more substantial part of the business was too much risk for most interested parties,” he said. “We hope to be able to sell the leasehold interests of some of the remaining stores, which may result in re-employment of some staff.”
A specialist civil engineering firm best known for its expertise in weighbridge pit installation, associated weighbridge infrastructure services and groundwork services.
The business was established and considerably improved by the present owner more than 12 years ago and is being reluctantly sold as the owner wants to take some time out after the demands of the past few years.
LEASEHOLD
This well-regarded and relocatable Consultancy & Investment business has now come to the open market.
26
|
Apr
|
Kent-based scientific consultancy sold to US firm | BUSINESS SALE
A4P Consulting Limited, a scientific consultancy company hea...
25
|
Apr
|
Ambulance services provider acquired in pre-pack deal | BUSINESS SALE
Elite Emergency Medical Services Ltd (Elite EMS), an ambulan...
25
|
Apr
|
Tile business old to management team by Norcros | MBO/MBI
Johnson Tiles UK, a tile business based in Stoke-on-Trent, h...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.