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SBD Global/September 21, 2012/Finance

JJB Sports Sale Hit By Tax Investigations, Details Have Been Sent To Potential Buyer

The sale of retailer JJB Sports "has been dealt a blow after details of a multi-million pound tax investigation by HM Revenue & Customs emerged," according to Jonathan Russell of the London TELEGRAPH. HMRC "has been looking into allegations that the company wrongly charged value" added tax on children’s clothing including ManU and Liverpool replica football kits. Mistakes have been made over more than three years dating back to '06. Details about the matter "have recently been sent" to Mike Ashley's Sports Direct, the frontrunner to buy JJB out of administration. The retailer is expected to be sold out of administration. Accountants KPMG "are handling the sale process, likely to be executed via a pre-pack administration" (TELEGRAPH, 9/19).
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