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Irish eyeing JJB Sports

Tue, 18th Sep 2012 14:47

Ireland's biggests sports shop chain could be looking to expand over the Irish Sea through the acquisition of cash-strapped JJB Sports.Sky News reports that Stafford Group, a family-owned private company which owns the Lifestyle Sports chain in Ireland, is among those companies in the running to buy JJB Sports, which put itself up for sale last month. Mike Ashley, owner of Newcastle United football club and the founder of sportswear chain Sports Direct, is widely reckoned to be the favourite to gain control of JJB, which failed last month to raise the funds it believes it needs for its umpteenth turnaround plan. However, subsuming JJB into Sports Direct might raise some competition concerns, and there are reportedly several other groups still in the running, including US outfit Dick's Sporting Goods, which made a strategic investment in JJB in March, the value of which it has already written off."People close to the situation said that GA Europe and Hilco, two restructuring specialists, had also tabled offers. Dick's Sporting Goods, the US retailer which earlier this year bought a small stake in JJB, JD Sports and Hargreaves, another retailer, have all also lodged their interest," writes Sky News City Editor, Mark Kleinman.JJB has already warned shareholders not to expect their shares to be anything once the sale process has gone through, but that did not stop the shares rising by more than a quarter to 0.36p on the morning the Sky News story broke. JH
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3 Mar 2011 16:39

London close: Shares soar on Libya deal hopes

Reports that the Libyan situation might be resolved through mediation rather than violence sent UK shares sharply higher. The Arab League is said to be considering a proposal to end the fighting in Libya sending oil prices higher. Heavy oil users such as airline International Consolidated Airlines

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3 Mar 2011 14:13

London afternoon: Footsie cruises towards 6,000

Footsie has 6,000 within its sights once more as stocks bounce back strongly on hopes that the Libyan situation might be resolved. Reports that the Arab League is considering a proposal to end the fighting in Libya have boosted sentiment, and has sent the price of oil into reverse. Heavy oil users

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3 Mar 2011 11:09

JJB Sports asks landlords to halve rents

JJB Sports is offering its landlords as much as £7.5m if they agree to a series of proposals that might save the hard-up sports retailer from going bust. Under the terms of a proposed company voluntary arrangement (CVA), 43 stores will shut by 24 April 2012, while a further 46 shops could close dur

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24 Feb 2011 06:27

Thursday newspaper round-up: Lloyds, RBS, JJB, $220-a-barrel oil

Qatar, the natural gas-rich Middle Eastern state which owns stakes in Barclays and Sainsbury's, could invest in Lloyds and Royal Bank of Scotland, the banking groups part-nationalised at the height of the financial crisis. The Treasury owns about 83% of RBS and about 40% of Lloyds, with the stakes m

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11 Feb 2011 16:51

London close: Shares applaud Mubarak exit

Shares rallied sharply in the afternoon following strong confidence figures from the US, but it was the announcement that Egyptian president Hosni Mubarak is stepping down that really stirred up excitement. One stock in particular reacted strongly to the announcement. Shares in gold miner Centamin

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11 Feb 2011 16:11

Sector movers: Rio Tinto extends gains

Mining stocks are doing well with giant Rio Tinto among the risers after it revealed record full-year profits yesterday, as well as a $5bn share buy-back and a 20% increase in the dividend. Today, the stock was given a lift by comments by Credit Suisse, which said that the buy-back is a good sign t

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11 Feb 2011 14:11

London afternoon: L&G leads modest advance

Leading shares are mixed but with a slightly firmer bias after rising over the lunchtime session. Insurer Legal & General (L&G) leads the advance on the back of a positive broker note from Nomura Securities. "We highlight our preference for L&G over Prudential (Reduce), given that we expect Pru to

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11 Feb 2011 13:47

JJB wants new CVA deal with landlords

Struggling sportswear group JJB Sports has warned it could go bust unless landlords agree to cut rents on 95 stores it has earmarked for possible closure. JJB's plan comes just two years after it did a similar deal, called a company voluntary agreement or CVA, on 140 stores. The voluntary agreemen

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2 Feb 2011 16:39

London close: FTSE 100 back at 6,000

Strength in the mining sector on the back of higher metals prices and well-received updates drove the FTSE 100 back to 6,000 points. Both factors benefited miner Eurasian National Resources (ENRC). Production matched estimates in the fourth quarter of 2010, while the ferroalloys unit produced a bit

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2 Feb 2011 15:07

London afternoon: Tobacco giant leads way

A limp start on Wall Street isn't helping London, but the leading index remains within reach of 6,000, supported by a strong mining sector and big gains at cigarette maker Imperial Tobacco. Resource plays still dominate the leaderboard. Eurasian National Resources (ENRC) is better on news productio

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2 Feb 2011 12:09

London midday: Miners underpin FTSE 100 gains

Strong gains in the mining sector are helping to keep the top share index close to the 6,000 point mark. Results are also driving shares forward. The best performing miner in the FTSE 100, Eurasian National Resources (ENRC), said production was in line with expectations in the fourth quarter of 201

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2 Feb 2011 08:26

London open: Miners push Footsie above 6,000

Mining stocks are driving London higher in the early going as the price of copper rose to record levels in New York and London, following unexpectedly good US manufacturing figures yesterday. The giants of the mining sector, BHP Billiton and Rio Tinto, are both sporting solid gains, as are Lonmin,

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2 Feb 2011 07:35

London pre-open: Footsie has 6,000 in its sights

After Wall Street's surge yesterday traders are realistically contemplating the Footsie rising above 6,000 again, though it will have to add to expected early gains, as the blue chip index is forecast to open at around 5,980, up 22 points from last night's close. Tobacco company Imperial Tobacco ha

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2 Feb 2011 07:11

JD pounces as JJB raises £30m

JD Sports has confirmed speculation it has made an offer for struggling rival JJB Sports, though adds discussion are at a very early stage. "There can be no certainty that an offer will be made by JD Sports Fashion for JJB Sports, nor as to the terms on which any offer might be made," it said. "

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26 Jan 2011 13:08

Yellow card for JJB Sports

The Financial Services Authority (FSA) has confirmed it is to fine sportswear retailer JJB Sports £455,000 for misleading the market over the cost of two acquisitions in 2007 and 2008. JJB will pay the fine in six monthly instalments. The FSA's investigation into the company's stock exchange annou

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