JJB Sports shares fell by a quarter after one of the UK’s biggest credit insurers said it would not provide cover to its suppliers, while another leading credit insurer said it was also in discussions with the struggling sports retailer.

As Coface confirmed it would definitely not supply such cover for the foreseeable future, its rival Atradius told the Financial Times it was in discussions with JJB about the strength of the sportswear chain’s balance sheet. It did not provide further details.