SPORTSWEAR tycoon Mike Ashley is considering a takeover bid for the fitness-club division of JJB, the embattled sports retailer.

Ashley, whose Sports Direct International is one of JJB’s biggest rivals, is understood to have formally logged his interest in making an offer for the gym chain with Lazard, the investment bank, handling the sale.

The business is being sold in an attempt to raise cash to appease JJB’s lenders.

It hopes to generate between £30m and £50m from the sale.

Other parties believed to have expressed interest in the business include David Whelan, JJB’s founder, and Fitness First, the world’s largest fitness-club operator.

Ashley previously made another, smaller, acquisition from his rival when he took on the leases of four of its stores.

The gym chain has been one of the few bright spots in JJB’s performance of late.

A deal could be complicated by the need for any buyer to agree fresh rental agreements with JJB, as most of the fitness clubs are located above or next door to the company’s stores.

If a sale cannot be agreed, or if offers are not deemed high enough, then JJB may hold on to the business and funnel the cash it generates back to its banks. The main lenders are Barclays, HBOS and Kaupthing.

Last Friday the retailer announced it had secured an extension to a so-called “standstill agreement” with the banks that allows it to defer loan repayments.

While talks over the gym sale continue, there is also a pressing need to resolve the future of two struggling businesses that JJB owns, Qube and Original Shoe Company. Both are likely to be closed down and the company is keen to press on with this as quickly as possible.

Meanwhile, Kaupthing is believed to be looking to sell its portion of JJB to other financial institutions.

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