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JJB makes board changes

JJB Sports has appointed non-executive director David Jones into the new role of deputy chairman, which will see him focus on the company's retail operations.

Jones is a former chief executive and executive chairman of Next. Non-executive chairman Roger Lane-Smith said: "The company will benefit considerably from his enormous retail experience."

Group property director Barry Dunn has left the company to pursue outside property interests, and a replacement is being sought.

The business also confirmed that it had a £20 million bridging facility from Icelandic bank Kaupthing which is now fully drawn down.

The statement added: "Constructive discussions are ongoing with JJB's other debt providers, HBOS and Barclays, who remain supportive and JJB has appointed KMPG to advise on these discussions."

The company also reassured about recent reports that credit insurance was impacted on suppliers.

The statement said: "In common with other companies operating in the retail sector, JJB has experienced some withdrawal of credit insurance cover but remains confident of its trading relation ship with its key suppliers who have been keen to support the company."

JJB Sports has also confirmed it has received a preliminary approach for its Original Shoe Company and Qube stores, after putting its "non-core" assets up for sale earlier this week.

It is understood that rival sportswear retail JD Sports, which has an established fashion business with its Bank and Scotts chains, is looking to pick JJB Sports' lifestyle businesses.

JJB Sports did not name the potential bidder and said: "There can be no certainty that any transaction will occur or as to the terms of any such transaction."

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