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JJB Sports confirms offers for fitness clubs

JJB Sports has confirmed that it has received offers for its fitness club business in a second round of bids and there are reports that the retailers’ lenders have held talks with restructuring firm Gordon Brothers about offloading stock and stores.

JJB Sports, which is hoping to sell the fitness clubs to help pay off debts with its banks, said that the board was considering the terms of the offers.

JJB Sports issued a statement this morning in response to press speculation that private equity firm Rutland Partners had made an approach. JJB Sports founder Dave Whelan and health club business Fitness First and LA Fitness have also shown interest, according to The Sunday Telegraph.

The highest bid is believed to be in the region of £41 million, lower than the £70m to £100m that JJB Sports had been expecting.

JJB Sports made no comment on who it had received offers from.

JJB Sports, which has a so-called “stand still agreement” with its lenders postponing its debt repayments until March 16, added that it was continuing constructive discussions with its banks.

The Sunday Telegraph also said that JJB Sports’ lenders HBOS, Barclays and Kaupthing had held talks with restructuring and recovery sepcialists Gordon Brothers about buying stock and stores from the company.

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