BusinessBusiness RecoveryBarclays appoints Grant Thornton to advise on JJB’s future

Barclays appoints Grant Thornton to advise on JJB's future

Barclays has appointed Grant Thorton to advise on the future of its customer JJB Sports

Barclays, said to be
owed £60m by JJB
Sports
, has reportedly appointed
Grant Thornton
to advise it about the company’s future business plan.

The
Press Association
said speculation was mounting about the bank’s concern
over the company’s financial position amid reports of JJB continued attempt to
raise cash to pay off its large debts, including a £20m loan from failed
Icelandic bank Kaupthing.

The company is believed to have received an offer for its Qube and Original
Shoe Company lifestyle division from rival JD Sports Fashion.

It also reportedly in talks with founder David Whelan over a £100m bid for
its 54 health clubs.

Further reading:

Anxious credit insurers in the spotlight for pulling
cover

KPMG in crunch talks with JJB bankers

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