Jack Wills has been sold for £12.75 million to Mike Ashley’s Sports Direct via a pre-pack administration deal, ending a bidding war with Philip Day’s Edinburgh Woollen Mill Group. Yesterday afternoon, Will Wright and Chris Pole from KPMG’s restructuring practice were appointed joint administrators to Jack Wills.
Immediately after their appointment, Jack Wills’ brand and UK trading assets was sold, debt-free, to Sports Direct – a process commonly known as a pre-pack administration deal.
As part of the pre-pack deal, all 100 Jack Wills stores in the UK and Ireland, as well as the distribution centre and all 1700 employees, will transfer to Sports Direct. 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.
“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.”
Meanwhile, directors are currently assessing options for the international arm of Jack Wills, which trades in the US, Hong Kong, Singapore, Kuwait, Saudi Arabia and via ecommerce in 130 countries.
