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Invesco plans to seize control of JJB Sports

Invesco is planning to seize control of JJB Sports in a last ditch attempt to turnaround the retailers performance.

The firm has tabled a bid to buy out JJB’s outstanding debt from Lloyds Banking Group.

According to The Sunday Times, a deal was discussed at a company board meeting last week.

Invesco Perpetual income fund manager Neil Woodford holds a large portion of JJB in his flagship £11.7bn High Income and £9.1bn Income funds.

JJB has been struggling following a slump in sales and a series of profit warnings. The firm made a £101m loss in 2011.

Invesco – which owns half of the firm’s shares – is among a raft of shareholders to plough money into the business over three fundraising. The most recent fundraising saw Dick’s Sporting Goods provide funding alongside the firm’s leading investors.

Invesco and Dick’s are expected to put together the restructuring plan.


IMA: Bonds dominate as retail sales hit £8.1bn in first half of 2012

Net retail sales have jumped to £8.1bn in the first half of 2012, with fixed income continuing to dominate, according to figures from the Investment Management Association. The figure is almost double the £4.4bn of net retail sales seen in the second half of 2011. Fixed income remained the biggest-selling asset class for the tenth […]


Standard Chartered defends Iran claims as shares plunge

Standard Chartered has seen its shares plunge following allegations of a £160bn money laundering scheme involving Iran. At 11.47, the banks shares stood at 1116p a fall of 24.1 per cent from its opening price. The bank’s Hong Kong listed shares fell by more than 20 per cent on Tuesday after the New York State […]


L&G profits up as it highlights restricted advice muscle

Legal & General has agreed single-tie distribution deals covering 75 per cent of the UK building society sector as the provider develops its restricted advice offering ahead of the RDR. L&G’s interim results for the first six months of 2012, published today, reveal IFRS pre-tax profits increased 11 per cent, from £471m in the first […]

Trackers record lowest sales for two years

Net retail sales of tracker funds of £312m for the second quarter are the lowest since the first quarter of 2010, according to the Investment Management Association. The average net retail sales figure for the previous four quarters is £534m. Tracker fund net retail sales fell £217m from £529m in the second quarter of last […]


Case study: administration — implementing a management log

Our client is a leading video game and publishing company best known for its console role-playing game franchises. The client provides a number of benefits, at varying levels and cost that attract a P11d liability. With the absence of a management log to track data for benefit movements, enormous administrative and therefore cost implications were occurring each year just to comply with P11d reporting requirements.


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