Page last updated at 19:45 GMT, Thursday, 16 July 2009 20:45 UK

JJB shares up on Bill Gates' move

JJB Sports sign
JJB is seeking to raise cash

Shares in troubled retailer JJB Sports have risen sharply after Bill and Melinda Gates's charitable foundation increased its stake in the company.

The foundation upped its stake to 3.14% from 2.82%, sending shares in the Wigan-based firm to end 12% up at 28p.

The trust, started by the Microsoft founder and his wife, helps charities across the world.

JJB has been seeking ways to raise funds as it has suffered from tighter profit-margins and lower sales.

In May, JJB reported an annual loss and sharp fall in sales. It has been considering asset sales and a rights issue in order to raise extra funds.

JJB has been surrounded in controversy after it emerged that the firm's chairman, Sir David Jones, took a loan from Mike Ashley, the founder and majority shareholder of its main rival Sports Direct.

There were concerns that the loan could amount to a conflict of interest.

JJB has already sold off its gym business to former owner Dave Whelan to raise cash.

The Gates Foundation also holds stakes in other retailers; last year it increased its stake in Carpetright to 5% via its private investment arm Cascade.

It seeks way to invest money in order to then have funds to invest in charitable work, notably in projects addressing education, health and poverty.



Print Sponsor


SEE ALSO
JJB looks to raise extra capital
05 Jul 09 |  Business
'Bad publicity' hits JJB's sales
21 May 09 |  Business
JJB Sports is thrown a lifeline
27 Apr 09 |  Business
JJB loses early gains on gym sale
26 Mar 09 |  Business
JJB Sports gets more time on debt
17 Mar 09 |  Business
JJB Sports firms shed 438 staff
19 Feb 09 |  Business

RELATED INTERNET LINKS
The BBC is not responsible for the content of external internet sites


FEATURES, VIEWS, ANALYSIS
Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit

BBC navigation

BBC © 2013 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.

Americas Africa Europe Middle East South Asia Asia Pacific