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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.

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