JJB sends out cash call for extra £65m

Struggling JJB Sports is to tap investors for £65m in an attempt to stabilise its precarious financial position.

The sports fashion group has received the backing of its four largest shareholders, including the Bill & Melinda Gates Foundation Trust, to push ahead with the capital raising. This comes just two months after it raised £31.5m. The group has approval for the latest round after creditors and investors approved a company voluntary arrangement to help JJB avoid administration.