KPMG RESTRUCTURING professionals are continuing to advise sports retailer JJB after the company announced lower than expected results.
A statement from JJB said the company’s trading conditions remained “challenging” and like for like sales remained below expectations.
The retailer entered administration last year with KPMG arranging a company voluntary arrangement (CVA) in spring 2009, to save the business. The CVA saved approximately 12,000 jobs and was backed by about 99% of creditors.
A statement by JJB said it was “exploring further business restructuring options” and looking at alternative sources of finance.
The business is likely to break banking covenants with Bank of Scotland, which provided a £25m revolving facility to JJB.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children