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JJB Sports granted repayment extension

JJB Sports has been granted an extension on the repayment of fees to its banks subject to the disposal of its fitness club business.

JJB Sports said a payment to its banks would now be due on March 16, subject to its lenders remaining satisfied with the company’s disposal plans.

JJB Sports was due to pay its banks back some of the £8 million of fees attached to the so called “standstill agreement” - a deal it arranged with its banks in December to extend its facilities - this month. A second payment was due in April.

JJB Sports will pay the lenders a fee of £166,500 as a result of the extension. This will be offset against the other monies outstanding.

 

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