In Brief
RETAIL: JJB Sports is to appoint administrators KPMG after calling time on its long-running battle to rescue the business.
The company said the move, which is expected in the next few days, is likely to be accompanied by the sale of certain parts of the business under a pre-pack administration.
The company has 180 stores, half of which are expected to close.
It remains unclear whether this will affect the company's two Hull stores, or those in the East Riding.
Business Cards From Only £10.95 Delivered www.myprint-247.co.uk
View detailsOur heavyweight cards have FREE UV silk coating, FREE next day delivery & VAT included. Choose from 1000's of pre-designed templates or upload your own artwork. Orders dispatched within 24hrs.
Terms: Visit our site for more products: Business Cards, Compliment Slips, Letterheads, Leaflets, Postcards, Posters & much more. All items are free next day delivery. www.myprint-247.co.uk
Contact: 01858 468192
Valid until: Friday, May 31 2013
Just five years ago, JJB's shares were worth £10 a piece.
However, the company yesterday requested the suspension of its shares and said it was clear any offer for the company would not realise any value for shareholders.
The move means remaining investors, including Microsoft magnate Bill Gates, will see their holdings wiped out.
JJB said: "It is expected that the process to commence the appointment of administrators of the company and certain of its subsidiaries will begin today, although the actual appointments are only likely to take effect just before the completion of any such sale."
FINANCE: A new "business bank" will be handed £1 billion of taxpayers' money in a bid to kick-start lending to small and medium-sized British firms.
In what an aide hailed as a "big win" for Vince Cable, the Business Secretary has secured Treasury approval to set up the new arms- length institution with the aim of opening up £10 billion of finance.
The state cash, which it is hoped will be matched or exceeded by private finance, will be found from existing budgets.
But details about where the money will come from and precise details of the bank's operation will not be made public until Chancellor George Osborne makes his autumn statement on December 5.
Mr Cable said: "Alongside the private sector, the bank will get the market lending to manufacturers, exporters and growth companies that so desperately need support."
Comments