16/7/09
Shares in embattled retailer JJB Sports have leapt 15% after it emerged Microsoft founder and billionaire Bill Gates had raised his stake in the group to more than 3%.
The technology tycoon snapped up another 800,000 shares in JJB through his charitable foundation, the Bill & Melinda Gates Foundation Trust, taking his stake from 2.82% to 3.14%.
The news gave a welcome boost to JJB, which has been under pressure amid trading woes and after a recent row over a loan made to its boss Sir David Jones by the founder of rival Sports Direct International.
JJB is also poised to tap shareholders for cash after confirming it was looking at a rights issue - a move which could see Mr Gates take part in the fundraising.
The shares add to a growing portfolio of UK retail shares held by the Gates Foundation, having last year built up a 5% stake in Carpetright through his private investment fund Cascade - also an investment vehicle of the foundation.
The Gates Foundation is also supported by legendary investor Warren Buffett and helps fund charitable work in more than 100 countries.
Based in Seattle, it manages investments including endowments from Mr Buffett totalling 5.16 billion US dollars (£3.14 billion).
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