ao link
0 £0.00
This item was added to your basket
Credit Strategy homepage
LinkedIn
Twitter
Intelligence, Insight and community for responsible professionals in credit

Mike Ashley buys Jack Wills out of administration

Mike Ashley’s Sports Direct Group has continued its high street expansion, buying the British fashion retailer Jack Wills out of administration.

Will Wright and Chris Pole from KPMG’s Restructuring practice were appointed Joint Administrators to Jack Wills Limited, Wills Lifestyle Holdings Limited and Union Lifestyle Limited on August 5, 2019.

 

Sports Direct will acquire 100 Jack Wills stores in the UK and Ireland and take on 1,700 staff as part of the deal. The group bought House of Fraser out of administration last year and recently admitted it regretted having done so. It also purchased Evans Cycles in 2018.

 

Over the last 20 years, Jack Wills has grown to become one of the UK’s most well-known lifestyle brands, with approximately 100 stores across the UK, Ireland, Hong Kong, Singapore and USA.

 

The company also has six franchised stores across Kuwait, Saudi Arabia, the UAE and the Channel Islands, as well as an established e-commerce channel serving 130 countries.

 

Like many other retailers, Jack Wills had recently experienced mounting cash flow pressures amidst some of the most difficult trading conditions seen on the high street in years.

 

Immediately following their appointment, the joint administrators sold Jack Wills and UK trading assets of the businesses to Sports Direct International. All 100 stores in the UK and Ireland, as well as the distribution centre, will transfer to Sports Direct, along with all employees. The directors are currently assessing their options for the international business.

 

Will Wright, partner at KPMG and joint administrator, commented: “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.”

 

Suzanne Harlow, chief executive of Jack Wills, said: “For the past year, we have been focussed 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.”

Please login to continue reading this article.

Not a member?

Become a member

FREE registration. No credit card required

Register now
  • Stay up-to-date with industry news and appointments
  • Hear about events first
  • Read 1 free Premium article per month

Become a premium member

From as little as £3.48 per week

Become Premium
  • All the perks of a standard member plus:
  • Access to the entire Credit Strategy website
  • 12 months subscription to Credit Strategy Magazine
  • 25% discount to all conferences
  • Exclusive access to Premium Member only roundtables
  • 50% off award entry fees

GET THE LATEST INDUSTRY NEWS STRAIGHT TO YOUR INBOX

READ NEXT

The Credit 500 for 2021 has been revealed – with a new focus on gender diversity

The Credit 500 for 2021 has been revealed – with a new focus on gender diversity

Virgin Media and 02 merger gets provisional green light

Virgin Media and 02 merger gets provisional green light

“The ability of humans to adapt is fantastic”

“The ability of humans to adapt is fantastic”

Credit Strategy
LinkedIn page

Member of

Did you find our website useful?

Thank you for your input

Thank you for your feedback

creditstrategy.co.uk – an online news and information service for the UK’s commercial and consumer credit industry. creditstrategy.co.uk is published by Shard Financial Media Limited, registered in England & Wales as 5481132, Axe & Bottle Court, 70 Newcomen St, London, SE1 1YT. All rights reserved. Credit Strategy is committed to diversity in the workplace. @ Copyright Shard Media Group