JJB SPORTS hopes to continue its recovery through an incentive programme, announced just months after it entered its second insolvency process in as many years.
The sports retailer has released an equity incentive plan aimed at its directors and senior managers.
Earlier this year KPMG insolvency practitioners achieved a company voluntary arrangement (CVA) for the retailer. A CVA usually repays a portion of debt over a period of time, while allowing the business to continue trading. A CVA must be voted for by more than 75% by value of creditors to be pushed through.
The latest incentive scheme will see directors receive an aggregate 20% of any growth in the company once its market capitalisation surpasses £96.5m.
As part of the CVA, JJB Sports creditors will share in the future financial success of a sports retailer.
FRP Advisory sells business and assets of Harland Machine Systems Limited to Accraply Europe Limited
Manufacturer DMG Steelworkers has been sold out of administration in a pre-pack deal by insolvency and restructuring firm CVR Global
By threatening creditor returns, the government could undermine the UK’s World Bank insolvency ranking and cost creditors £8m a year, trade body R3 warms
Lee De’ath and Richard Toone, partners at CVR Global, were appointed joint-administrators of Lexden Centre (Oxford) Limited, trading as Colchester English Study Centre (CESC), on 29 June 2016