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JJB sports and its £8.3 million fee to banks

There has been much speculation regarding the future of sports giant JJB sports over the last few weeks and today the company has confirmed that it paid a fee of £8.3 million to its bankers in order to guarantee a stay of execution. There is widespread condemnation of the size of the fee charged to a company which was struggling to repay its debt and had seen a substantial down turn in trade. Many are putting this forward as the unacceptable face of UK banking at a time when in public they offer a helping hand for both personal and corporate issues although in private the situation is very different.

If JJB sports is being forced to hand over fees of over £8 million in order to secure the short-term future of the group which other businesses in the UK are in a similar situation?

The company also confirmed today that current debt stands at £60 million and due to the precarious nature of the sector and the business the group has been forced to accept higher interest charges. There are various loans and finance arrangements due for renewal and repayment over the coming weeks and it will be interesting to see how these potentially serious issues are tackled.

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