Blacks Leisure heads for prepack administration

Blacks Leisure has it is to temporarily to enter administration ahead of a takeover deal.

The prepack arrangement will wipe out the value of existing shares, which have now been suspended from trading on the London Stock Exchange.

The retailer said it was mulling offers for the business and that a deal was likely to be sealed in the coming days.

Blacks' stores will remain open for business as usual in the meantime.