Philip Day makes Jack Wills takeover bid
Written by Peter Walker
Philip Day has made an initial bid for struggling British retailer Jack Wills.
The clothing brand’s private equity owner BlueGem started a search to find a new owner in early July, with Sports Direct, Crew Clothing and Ben Sherman owner Marquee Brands also understood to be assessing offers.
Jack Wills revealed a pre-tax loss of £29.3 million for the year to 31 January, with earnings before tax down £7.5 million, compared to a profit of £6.3 million in the previous year. This came on the back of a 1.1 per cent fall in sales to £129.3 million during the period.
Since BlueGem took control of Jack Wills in 2016, it spent £18 million on the company and arranged £10 million in funding from Italian businessman Giorgio Girondi, along with £25 million in credit from HSBC.
Meanwhile, Day has been busy this summer making a £5.7 million offer to womenswear retailer Bonmarché, after his Spectre Holdings investment company - which also owns Peacocks, Austin Reed and Jaeger - had acquired 52.4 per cent of Bonmarché shares in April, entitling him to a mandatory takeover bid.