Leading sports apparel, footwear and goods retailer JJB Sports announced on Friday it intends to purchase discount retailer TJ Hughes for £42 million.

In a statement, UK-based JJB said it had agreed to pay 140p for each share in the discount chain - four per cent above its closing share price on Thursday.

It added: "The JJB board believes that the acquisition of TJ Hughes and its integration into the JJB Group will provide a stronger platform for future growth which, coupled with the opportunity for margin enhancement, should deliver attractive returns for JJB shareholders."