JJB prepares for crunch vote

JJB creditors will vote tomorrow on restructuring plans that could decide whether it can stay in business.

It is expected to get the seal of approval after its biggest landlord, FTSE 100 firm Hammerson, threw its weight behind proposals in a company voluntary arrangement (CVA).

Under the terms of the deal landlords who lose out through long-term contracts being cancelled will receive between 25p and 29.2p for every pound they are owed, with up to £7.5m being paid out depending on JJB’s performance over the next two years.