JJB Sports has been fined £455,000 by the Financial Services Authority (FSA) for failing to disclose the true costs of two acquisitions under its previous management.
The sportswear retailer was fined for failing to disclose the full details of its acquisitions of The Original Shoe Compnay and Qube in the lead up to its interim results on September 26, 2008. JJB has since installed a new management team.
JJB Sports will pay the fine in six monthly instalments, beginning today.
The retailer said the inadequences in the disclosures made by the company were “at the time under the old management team led by Chris Ronnie, former chief executive”.
JJB said no further investigations into the company by the FSA were ongoing and “the publication of today’s notice by the FSA brings the matter to a close”.