Mike Ashley’s Sports Direct business has bought Jack Wills for £12.75m after the troubled fashion chain went into administration on Monday. The high street giant has acquired all of Jack Wills’ stock, its distribution centre and 100 stores and employees across the UK and Republic of Ireland.
It is part of a so-called pre-pack administration deal – a buyout tactic frequently used by Mr Ashley in expanding his retail empire. The deal was disclosed after the stock market close.
Alternative options are being considered by directors for Jack Wills’ international business, which includes stores in the US, Hong Kong and Singapore. The company employs approximately 1,700 staff across the business and also has six franchised stores across Kuwait, Saudi Arabia, the UAE and the Channel Islands, as well as an e-commerce channel serving 130 countries.
Confirmation of Jack Wills’ sale to Sports Direct comes a day after Sky News reported that owner Mike Ashley had become the preferred bidder for the fashion group, whose owner, the investment firm BlueGem, had been seeking a buyer for the last month.
