Cash boost for fashion retailer
By Sarah Wood | 26th November 2018
Fashion retailer Jack Wills has received a £10m cash injection from an Italian backer, as it deals with the challenges that have hit the high street over the last year.
An Italian family office which is an investor in Jack Wills' existing majority shareholder, BlueGem Capital Partners, agreed to provide the money several weeks ago, as reported by Sky.
BlueGem has also provided a similar sum, alongside the new shareholder in the company, which has stores in Cheltenham and at Gloucester Quays.
It's thought that the new Italian investor stepped in following the withdrawal from talks of Searchlight Capital Partners, the private equity group which owns the Hunter boots brand.
Jack Will has been hit by the weakness of the pound, but has come up with an alternative sourcing plan that will lead to cheaper production.
It's been a challenging few months for the retailer, with its co-founder, Peter Williams, removed from the business nearly 20 years after he launched it. A former Debenhams executive, Suzanne Harlow, is replacing him as chief executive. Former Debenhams chief executive, Rob Templeman, is advising on a turnaround plan for the brand.
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