Jack Wills, the British fashion brand, could bring in new investors after it was reported that its private equity backer is keen to sell its minority shareholding.
Inflexion Private Equity, which has a 27% stake in the company, has been discussing a possible sale to other City buyout firms, according to the Sunday Times.
Jack Wills targets affluent teens and university students with £200 tweed blazers and £60 hoodies. It grew in popularity at the start of the century, but has been loss-making for several years and closed down sister brand Aubin & Wills in 2012.
The retailer is controlled by its chief executive and founder Peter Williams, who owns 52%. Williams founded the business, which is named after his grandfather Jack Williams, with university friend Robert Shaw. The first store was opened in Salcombe, Devon in 1999.
Williams told one interviewer that the brand aimed to “bottle what being at a British university was all about and all the cool amazing stuff that goes with that”. However, it recently fell foul of the advertising watchdog, which banned a catalogue that featured images of young people drinking and partying in their underwear.
Williams returned as chief executive of Jack Wills last summer following the departure of Wendy Becker after two years in the post. The business is chaired by Lord Davies, the former chairman of Standard Chartered.
Inflexion is said to be keen to dispose of a shareholding it has owned since 2007. Jack Wills abandoned plans to list on the Stock Exchange last year and the market turmoil caused by the Brexit vote could stall dealmaking in the City for the foreseeable future.
The last accounts filed at Companies House for parent company Wills Lifestyle Holdings show the group making a £14m loss on sales of £132m in the year to 1 February 2015.
Jack Wills recently announced plans for 10 new stores in the UK and Asia having increased its credit facility with principal lender HSBC from £20m to £30m. The retailer currently has 65 UK branches and 19 international stores with a presence in the US and Asia, including in Hong Kong, Macau and Singapore.
Inflexion and Jack Wills declined to comment.
