JJB Sports concludes CVA

JJB Sports has formally concluded the company voluntary arrangement (CVA) that saved it from administration when it was implemented last year.

The Wigan-based retailer said today that all claims have now been dealt with under the terms of the CVA.

The firm struck an agreement with creditors and shareholders in May 2009 as a way of avoiding collapse.

The CVA centred around the landlords of 140 closed JJB shops owed a total of £12m. JJB ringfenced the closed stores into a new business called Blane Leisure, and asked the landlords to share a pot of £10m in settlement for what they are owed.

Chairman John Clare, said: “We are delighted that the group has successfully concluded the company voluntary arrangements that were put in place last year with the overwhelming support of creditors and shareholders as part of its restructuring. Our focus remains firmly on continuing the turnaround of the business.”