JJB Sports shares have jumped 15% on news that Bill Gates has declared a 3.14% stake.
The foundation run by Bill and Melinda Gates this week bought around 800,00 shares to take their total to 7.8m, or above the declarable 3% level. The news comes at another time of controversy for JJB, following news that its executive chairman David Jones had received a £1.5m loan from rival retailer Mike Ashley. Co-incidentally, Ashley's Sports Direct has updated on trading today.
Amazing as Gates' interest in small UK retailers may seem, it is not the first time he has snapped up shares in a high street name. Last year he bought a stake in Carpetright, up 5p at 608.5p, and now owns 5% of the carpet company through his Cascade Investment company.
JJB is currently 3.75p higher at 28.75p with traders suggesting Gates might want to buy more. His stake is worth around £2m at the moment.
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