JJB Sports' helicopters get the chop

[Ada Quonsett]

Troubled sportswear retailer JJB Sports has sold one of its two helicopters for £4m and is hoping to find a buyer for the other, as chairman Sir David Jones attempts to turn around the company's finances. The Agusta 109 helicopters were used by chief executive Chris Ronnie, who was suspended from JJB last week pending the outcome of a share-dealing investigation. An industry source said yesterday that JJB had an "inappropriate number of helicopters" for a company of its size. JJB has a market capitalisation of £15.3m, equivalent to the value of just four Agusta's at the price at which Sir David sold the first helicopter. The first Agusta is thought to have been bought by a company in the United Arab Emirates, and the company is hoping to offload the other for a further £1m over the next few weeks. Sir David, who was promoted to executive chairman of the retailer from non-executive last month, has previous form when it comes to executive transport. He turned around the fortunes of the Next chain in the early 1990s, and one of his first moves was to demand the sale of the helicopter used by Next founder George Davies. Rosie Murray-West 26 Jan 2009

[FloaterNorthWest]

I think this has been cut and pasted from the Mail on Sunday and is of the usual high standard for the Mail.

It is wrong on many counts, mainly the numbers. The 109 Grand had been for sale for ages and was sold, and departed the UK well before Sir David Jones took over.

Don't you just love the Mail!

FNW

[on21]

That’s a bit disappointing, it brighten up many a crappy shift in Wigan with it’s regular visits, much to the amusement of my colleges when I go out to see it flying over/landing. (I fortunately don't work for JJB but it over flys where I work when it lands.)

[FloaterNorthWest]

Don't worry ON21 their 430 will be about for some time yet as the market for secondhand aircraft is fairly flat at the moment and they may have trouble giving it away (and that wouldn't please Sir David).

FNW

[206Fan]

They have a 430 aswel? Didn't know that now.

Floater (Offtopic) any idea who owns a 109 that i see alot going north or south over the border (newry area)? Its up and down 2 or 3 times a week, i can never get the reg because its too high! Im just curious to see if its a local machine or not!

Dave

[JTobias]

Well if they decide to give it away, I'll take it off their hands. Actually, I think that would be morally wrong so I'll happily give them a couple of grand for it or make an appropriate donation to a charity of their choice! :ok:

Joel

[FloaterNorthWest]

Davy,

Quite a few 109s north and south of the border so will need a few more details. There are a couple of Powers and a Grand new in the Province so it could be them going south.

As to the new pilots at G-EEBB I don't think they come on this forum as they arent allowed to use computers or they may find out about who they work for. But a third pilot is joining soon. :}

FNW

[206Fan]

As to the new pilots at G-EEBB I don't think they come on this forum as they arent allowed to use computers or they may find out about who they work for

Hahahaha LOL.

So hes got 3 pilots operating his lady?

Dave

[Ada Quonsett]

>I think this has been cut and pasted from the Mail on Sunday and is of the usual high standard for the Mail.JJB Sports' helicopters get the chop - Telegraph (http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/4340538/JJB-Sports-helicopters-get-the-chop.html)

[FloaterNorthWest]

JJB to sell Ronnie's pair of helicopters
Neil Craven, Financial Mail
25 January 2009, 11:11am
JJB Sports chairman Sir David Jones has demanded the sale of two helicopters used by suspended chief executive Chris Ronnie.
The sale of the firm's Agusta 109 has already been agreed with an unnamed United Arab Emirates buyer for £4m. The second is expected to happen within weeks, potentially netting the firm a further £1m.
Jones reversed the fortunes of clothing chain Next in the early Nineties. Among his first decisions at the then ailing chain was to demand the sale of a helicopter used by its founder and former boss George Davies.
'One helicopter would be indulgent even for a major company - having two is simply inexingcusable,' said a senior source in the sportswear market.
Jones was promoted from a nonexecutive position to executive chairman last month to rescue JJB from financial difficulties.

We can see were Rosie does her research

[Ian Corrigible]

Should've stuck to the 407...:E

I/C

[Rotorhead412]

Tis amazing how these papers make up so much ****e ain't it!

Half of the problem with the credit crunch is them fellas constantly tellin us ****e that makes the world sound buggered, even though its perfectly fine!

Oooo they've sold there heli, ooooo big deal!!! Somebody else bought the bloody thing!

[Upland Goose]

Sir David Jones is a great guy !

How do I know? Well I was the Company Helicopter Pilot with Next Plc from the start to the end.

Immediately after George Davies (what a character) was removed from the "pitchers mound" David Jones and I flew all over Britain to visit the Institutional Investors and allay their fears. David said to me that the helicopter enabled him to prevent a shareholder riot and possible company financial ruin - we did about 80 hrs that month.

Very soon he also told me that the helicopter would have to go, but would I stick around and help them fly out of the jam? We flew on for another year and the inevitable happened. We sold the helicopter G-NEXT to RAI to film the World Cup in Italy in 1990 (becoming I-NEXT) for more than we paid in 1987.

We visited all corners of Britain and parts of Europe to develop or sell companies and very long Single Pilot IFR days were the norm - over 1100 hrs in the two short years of G-NEXT, The aircraft flew its heart out and never missed a beat.

All this was done while David Jones was fighting a very "private" battle with Parkinson's Disease. He is an exceptional businessman and one of the kindest men I have known.

After nearly 20 years David Jones still keeps in touch - of others from that time, I have no contact.

My only regret - I should have taken my severance pay from Next and put it in their shares because the share price went from 13p to over £8 in a very short time under David Jones.

He is not anti-helicopter, just a realist. It's tough, but believe me "one door closes and another one opens"

Good Luck JJB !

UG:ok:

[MyTarget]

How honest :D:D:D:D:ok:

[ShyTorque]

Nicely put, U G!

It's tough, but believe me "one door closes and another one opens"


And sometimes the door never stops revolving, eh what? ;)

[r44raven]

Please correct me if I'm wrong but I thought the 430 was Mr W's personal executive chariot? The complaints seemed to be about the 109 Grand which, I believe, recently departed EGNH on a low loader for foreign shores

[FloaterNorthWest]

R44,

The 430 is owed by JJB, Mr W doesn't own or have any part in JJB now. Mr W has a Citation Excel (in very nice colours!).

Upland Goose,

Sir David is again doing a very similar thing to what he did with you but this time in a 430. So much for being anti-helicopter!

Someone in JJB must be feeding the journos false info, I hope they aren't taking money for it :}

FNW

[r44raven]

Thanks for that Floater. OT I know but I suspect that Mr Whelan may be involved in the buy back of certain bits of JJB when the price is right. :}