Shirebrook-based Sports Direct, owned by Mike Ashley’s Frasers Group, has been taken to High Court by JPMorgan over a £5.4m property bill.
Reports in the Financial Times note that JPMorgan is alleging the retailer owes the money for leaving a Wigan site in a state of disrepair when vacating in 2019 and taking advantage of a break clause in its 10-year lease, initially signed in 2014.
Sports Direct is said to have not carried out much of the refurbishment work it was contractually required to prior to leaving the site, which included a distribution centre, office and warehouse space, leading to loss and damage.
The bank reportedly had to undertake work worth £3.3m before it could lease the premises once more and lost £1.8m in rent during this time.
The bank is requesting for interest to be applied, leaving £5.4m to pay, when also including miscellaneous payments such as surveyor fees.
