| CATEGORY: AIM BULLETIN SECTOR: GENERAL RETAILERS |
JJB receives interest in Fitness Clubs |
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Tue 10 Feb 2009
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LONDON (SHARECAST) - Sportswear retailer JJB Sports said it has received a number of non-binding indications of interest for its Fitness Clubs business.
The group was forced to make the statement after its share price surged 55% yesterday on rumours of an imminent sale.
"There can be no certainty that any of these indicative indications of interest will result in a transaction or as to the terms of any such transaction," it said, adding that a further announcement will be made when appropriate.
Speculation had suggested the highest bid received by JJB Sports has been around £55m for the clubs.
JJB founder David Whelan is believed to be among the bidders while JJB founder David Whelan is also thought to be interested, along with the world’s largest fitness-club operator Fitness First.
The group is hoping to use the proceeds of the sale to reduce its debts. Two weeks ago, JJB said its lenders have agreed to extend the terms of a bank deal struck in December until 12 February.
JJB and the banks agreed in December that Kaupthing's £20m bridging facility need not be repaid in full but instead repay £20m pro rata across its three lenders; Barclays, HBOS and Kaupthing.
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