British retailer Jack Wills may be on the hunt for a new investor
Britain fashion retailer Jack Wills may have to seek fresh investment following reports that one of its backers, Inflexion Private Equity, is looking to sell its 27 per cent stake in the business.
UK retailer Jack Wills may be seeking fresh investment / Jack Wills
The self-styled 'university outfitter' has been making losses for several years now, making Inflexion apparently keen to shift the shareholding it has owned since 2007.
Jack Wills has faced a turbulent 12 months - around 15 directors, including head of department and managers, left the company over an eight-month period in 2015 amid concerns over the direction of student shop. Meanwhile, founder Peter Williams returned to the post of chief executive last summer following the departure of Wendy Becker who had spent two years in the post.
The preppy fashion brand also canceled plans to float on the London Stock in exchange 10 months ago after a "detailed review" of its growth opportunities.
Williams and his co-founder Robert Shaw own a combined 70 per cent stake in the business, and the last accounts filed at Companies House for its parent group Wills Lifestyle Holdings show that the company made a £14m loss on sales of £132m year-on-year to February 2015.
The market uncertainty prompted by Britain's exit from the EU could see dealmaking between British investors stall for the foreseeable future.
Jack Wills recently found itself in hot water with the Advertising Standards Authority for a series of "irresponsible" images which depicted teens in their underwear.