Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We use cookies to personalise your experience; learn more in our Privacy and Cookie Policy. You can opt out of some cookies by adjusting your browser settings; see the cookie policy for details. By using this site, you agree to our use of cookies.

JJB shareholders to lose out as suitors line up

JJB shareholder Bill Gates could lose £20m after the sportswear retailer warned investors its shares could be worthless.

The Microsoft founder had shares in the up-for-sale retailer through a foundation he shares with his wife.

JJB was put up for sale on Thursday and interested parties signed a non-disclosure agreement on Friday.

Private equity specialist Jon Moulton is believed to be interested in a bid through his Better Capital investment vehicle. However, sources claim he is not confident of striking a deal due to the number of parties involved.

French retail giant Decathalon and former JJB owner Dave Whelan are understood to have entered the race to buy the 180-store retailer, alongside turnaround firm OpCapita and the retailer’s largest shareholder, Invesco Asset Management.

Archrivals Sports Direct and JD Sports are also understood to be interested in acquiring some of JJB’s stores.

JJB lender Lloyds Banking Group said the bank is not interested in a debt-for-equity swap, while KPMG, which is running the sale process, said it had had “good interest” in the retailer.

Sports Direct is expected to report a bounce in sales due to JJB’s woes when it reports its first-quarter results to the city this week.Mike Ashley’s sportswear chain is expected to meet its £270m “super-stretch” target for the current year, meaning the Newcastle United owner would pocket 8 million shares, worth £24m, if the company hits £340m in sales in 2015.

Readers' comments (1)

  • What was Gates thinking? Good job he doesn't need the money!!

    Unsuitable or offensive? Report this comment

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.