Jack Wills will come under a new division established at Sports Direct which will focus solely on buying and
building fashion and sports brands, and report to Michael Murray in his role as head of elevation.
Mr Murray said: “Jack Wills has made a name for itself carving out a unique place in the minds of
consumers since its launch and has today grown into one of the most recognised British fashion brands.
Having taken a personal role in driving the decision to bid for this business, I am absolutely thrilled that
Sports Direct was successful.
“Jack Wills will continue to operate as a separate company with its own leadership team. Our role will be to
support the business and help elevate the brand and help restore it to its former glory.”
Directors are considering options for the international business, which includes stores in Hong Kong,
Singapore and the USA.
Mr Ashley’s bid trumped one from Edinburgh Woollen Mill Group, owned by retail tycoon Philip Day, who
PA revealed on Monday was seeking to avoid a pre-pack administration for the company.
It comes almost exactly one year after Mr Ashley beat Mr Day to buy department store House of Fraser in a
similar pre-pack deal.
Since then both men have acquired chunks of the high street, with Sports Direct picking up Sofa.com and
Evans Cycles, while Mr Day’s vehicle Spectre recently took over women’s fashion chain Bonmarche.
Suzanne Harlow, chief executive of Jack Wills, said: “For the past year, we have been focused on improving
the Jack Wills proposition and the group’s financial performance.
“Despite significant progress, the challenging trading environment led us to conclude that the company’s
long-term future would be best served as part of a larger group and Sports Direct will enable us to do this.”
Jack Wills was put up for sale earlier this year by its private equity owner Bluegem Capital.
The brand had been facing cash flow pressure amid tough trading conditions on the high street.
For the year to 28 January 2018, Jack Wills made an operating loss of £14.23m.
Will Wright, partner at KPMG and joint administrator, said: “Jack Wills has a strong brand and proud
British heritage, so it is pleasing to have been able to secure this agreement with Sports Direct.”
It is expected that the company will need to consider restructuring options, including potential store
closures, in due course.
It comes after sources close to the process told PA that Mr Day had hoped to buy the company’s debt and
had committed to not considering any restructuring for the first month of ownership.
He was also set to install either himself or an ally as executive chairman and provide a £12m working
capital fund to cover the chain’s near-term costs.
EWM Group declined to comment.
Press Association