Thu, 06 Oct 2016 | BUSINESS SALE
The owner of the Liberty department store in London has teamed up with the founder of Jack Wills to buy the fashion retailer after a multi-million-pound buyout.
The deal will see a number of changes at the top of the company. Peter Williams, founder of Jack Wills, and private equity firm Bluegem become the new joint shareholders. Current Jack Will’s chairman, Lord Mervyn Davies, will step down after previously serving as chief executive of Standard Chartered.
Derek Lovelock, current chairman of retailer Mamas and Papas, will step up as the new chairman, with Mr Williams continuing to serve as chief executive.
Jack Wills was founded in 1999 by Mr Williams and his childhood friend Robert Shaw using a £40,000 investment. It recently suffered over Christmas 2014 after it struggled to meet demand. Issues with its distribution centre as well as outsourcing a lot of the work to a third party were blamed for the problems.
Mr Williams, who returned as chief executive last year after a two-year absence, has since seen a revival of fortune. While the first half of the year saw like-for-like sales fall by 3.9 per cent, the second half of the year has seen a rise of 3.9 per cent. Turnover was also up 4.1 per cent to £137.4 million.
In a statement, Mr Williams said: "The numbers clearly show that momentum has returned and significant results are being delivered. Importantly, this improvement in trading has continued into the first half of the current year.
“The new capital allows us to continue our international expansion and fast-paced revival. Thirteen new stores will open in 2016.”
This long-established commercial refrigeration business, based in the South East, boasts a well-respected brand and an extensive client list across the hospitality, medical, and marine industries.
This Midlands-based MSP has a proven track record delivering tailored IT solutions to a diverse client base across sectors such as automotive, healthcare, and construction.
An opportunity has arisen to acquire a leading luxury florist company supplying high profile, prestigious clients. Its client list includes luxury brands, film companies, event planners, catering firms as well as corporate and private clients.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.