Tycoon’s bargain hunt
MILLIONAIRE businessman Dave Whelan is on the hunt for bargains in his new property venture, Wheldone Investments.
Speaking to TheBusinessDesk from his holiday home in the Caribbean, the former JJB Sports tycoon and current owner of Premiership football team Wigan Athletic, said he is looking to take advantage of sliding real estate prices.
Mr Whelan and former colleague Barry Dunn – who recently left Wigan-based JJB -have already made their first two investments, in Bolton and Chester, and are eyeing more deals.
“Barry and I worked together for more than 30 years, he has left JJB on good terms because he wanted to go in a different direction.
“We are investing in property, not just in retail, but quality property at the right price. We are just kicking off now and looking to do more.”
He said the current “turmoil” in the sector makes it difficult to know when prices have hit rock bottom.
“There are lots of opportunities available at the present, and we have to make a call to buy now, or wait. As Warren Buffett says, the brave invest in the tough of times.”
Mr Whelan, 71, refused to be drawn on the current plight of JJB, which he built up over 30 years from one shop in Wigan to one of the largest sports chains on the high street.
JJB’s share price has collapsed in recent weeks amid tough trading, and more crucially after its auditors, Deloitte, cast doubt over its ability to carry on as a “going concern” and credit insurers withdrew coverage for its suppliers.
Mr Whelan severed all ties with the business when he sold his remaining stake for £190m last summer.
“The retail trade is really, really tough at the moment, for JJB and other big retailers too, like Marks & Spencer, and I think it is going to remain so for another 12 to 18 months.
“I don’t think I have ever seen the market quite as bad as this, and there have been some pretty bad downturns in the last 20 years.
“The way everything was, with costs increasing, inflation surging and so on, something had to blow, and it has, like a volcano.
“There is a lot of doom and gloom around, but once that has blown over, the economy will be back to growth again.”
