According to the latest report from the group’s administrator, there has been little demand for JJB Sport’s leasehold property portfolio.
Administrators from KPMG LLP sold 20 of the group’s trading stores to its major rival Sports Direct when it was appointed in October of 2012. The administrators continued to market 129 shops through Prime Retail Property Consultants.
The latest report to creditors stated that there had been a “strong interest” initially from five parties and that three offers had been submitted for 28 shops. Two of them were subsequently withdrawn.
The report went on to say, “At the date of reporting, the joint administrators have completed six surrenders for total gross premiums of £165,000 and a further one store has been assigned for gross consideration of £50,000, paid to the company.
“In addition a £5,000 non-refundable deposit has been realised following an interested party’s failure to assign a lease. Following the marketing exercise it was confirmed that the remainder of the leases held no value.”
Unsecured creditors were owed £212.2 million when the business failed. Of this amount, approximately £117 million was made up of intercompany debt. Stock suppliers were out of pocket to the amount of £29.9 million and other businesses were owed £27.9 million.
Landlords were owed £9.1 million in unpaid rent and another £28 million was categorized as owing for “property and other provisions” in a previous report.
Lloyds TSB, which is JJB’s secured lender, was owed £23.4 million and has received payments totaling £20.6 million.
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