KPMG have been appointed administrator as JJB Sports’ shares were suspended on Monday, having failed to find a buyer for the group as a whole.
As administrator, KPMG will now attempt to recover value for shareholders. David Costley-Wood, Richard Fleming and Brian Green, all partners at KPMG, will be appointed.
Any sale is likely to be by way of a ‘pre-pack’ administration – the pre-negotiated sale of an insolvent business.
JJB said in a statement that the company ‘currently hopes to be in a position to announce a sale of the trade, assets and brands of the group within the next few days’.
To find out more about an accountant’s role in business involvency and administration, take a look at our Key Terms in Accountancy article.