JJB cuts costs with ‘copter sales

CASH-strapped retailer JJB Sports is selling its corporate helicopters in a bid to cut costs.

New executive chairman Sir David Jones has ordered the sales. The helicopters were used by suspended chief executive Chris Ronnie and other directors to visit the group’s 400 stores nationwide and visit suppliers.

One of the helicopters has already been sold to a Middle East company for £4m, while the second machines is due to be sold in the next month.

The cash will be used by JJB to repay its bank debts and higher finance charges.

According to weekend reports there are as many as six parties looking at buying JJB’s health clubs business.

The sale process being conducted by investment bank Lazards is said to be complicated because of the lease arrangements – the gyms share the same buildings as JJB stores, which would not be sold.