Sportswear retailer JJB Sports is to stage a £30m fundraising and make boardroom changes, it is understood.
The retailer’s recovery programme has been blown off course by tough trading conditions and it admitted earlier this month that a covenant breach is likely. JJB will raise the new cash from existing investors including Crystal Amber, Harris Associates and Microsoft billionaire Bill Gates’ foundation.
JJB reported in early December that the onset of bad weather had exacerbated challenging trading conditions, but pointed out that six new-model stores were delivering encouraging results. Sales at the overhauled shops were running at 11% above the company average and the money margin 21% above.
No comment was immediately available from JJB on a new round of fundraising or Clare’s position.