JJB set to secure deal from landlords
JJB Sports has today revealed details of a vital rental agreement between the company and landlords who own their shopping premises. The deal will effectively see JJB Sports rip-up the current rental arrangements and revert to a pay monthly basis which should help the company keep tighter control of costs. The company has also revealed a £25 million short-term loan from Barclays Bank and a £25 million medium-term loan from Bank of Scotland.
Those who have followed the JJB sports story over the last few weeks will be well aware that the company was literally on the verge of collapse as debts mounted and sales fell. However, the sale of the fitness division to founder David Whelan and the announcement of short-term finance appears to have saved the day. However, there would appear to be a number of potential suitors in the shadows looking to mop up the company as a going concern.
While the deal has been announced it has yet to be signed, although insiders believe it is only a matter of time. If the deal is successful it will be a dramatic turnabout for a company which many analysts and shareholders had literally written off just a few short weeks ago.
Share this..
Related stories
Stress impacts on UK economy
Stress and illness among employees has a direct impact on small businesses and the UK economy, it has been claimed.The UK's International Stress Management Association (ISMA) has suggested that small businesses suffer as a result of stress and illness among their staff and as such should do more to tackle the problem.Caroline Raymond, vice-chair of the organisation, commented that the impact on bu...
Read MoreNow Gordon Brown backtracks on banking bonuses
Gordon Brown stepped into the banking bonus argument with confirmation that the Royal Bank of Scotland will not be singled out with regards to restrictions on bonuses and salaries. This is a roundabout way of saying that the UK government is unlikely to step in and block any suggested bonuses for Royal Bank of Scotland staff, after the announcement that the Royal Bank of Scotland board would have...
Read MoreWill economic growth forecasts of 2.5% in 2011 seem optimistic?
This week saw the majority of economists in the UK pouring cold water on Bank of England economic growth forecasts for 2011. A poll by Reuters showed that the majority of economists in the UK believe that real economic growth in 2011 will be 2.5% against the Bank of England's current forecast of 3.4%. But will forecasts of growth in the region of 2.5% also prove optimistic? Economic growth fore...
Read MoreConsumer credit market 'slowing'
Britain's addiction to debt is beginning to slow down, a report suggests.Market analyst Datamonitor says that gross UK lending contracted by 4.5 per cent to £207.8 billion in 2006, compared to a year earlier.With the personal loans market also performing poorly, lenders will have to "review their pricing and acquisition models", the report warns.Financial services analyst Maya Imberg blamed the c...
Read MoreManchester United bond issue in trouble
Despite the fact that the Glazer family, the owners of Manchester United football club, confirmed only last week that the club had raised around £500 million from bond investors, there is concern amongst investment markets today. The £250 million tranche of the sterling denominated bonds have fallen to just 93% of their original face value while the $425 million dollar denominated tranche has fa...
Read More