JJB Sports’ shareholders have approved the retailer’s £65m fundraising.

In an emergency general meeting held today investors backed the capital raising, which will be carried out via a firm placing and placing an open offer.

The approval is the final step in JJB’s survival bid which included securing a CVA enabling it to shed 43 stores over the next year.

The funds will be invested in undertaking the sports retailer’s revised business plan. It plans to revamp its store portfolio and invest in maintenance and IT.

JJB Sports will start trading on AIM this Wednesday.