Marks & Spencer is close to a deal to buy Jaeger, the loss-making fashion brand which became a victim of the Covid-19 pandemic late last year.

It's thought that M&S could sign an agreement to acquire the brand later this week, as reported by Sky.

Jaeger was part of the clothing empire owned by Philip Day's Edinburgh Woollen Mill group, along with brands including Peacocks, Austin Reed and Jacques Vert.

Day was forced to appoint administrators to Edinburgh Woollen Mill Group (EWM) in November. M&S isn't thought to be interested in any of its other brands.

The deal with M&S is expected to involve the acquisition of Jaeger's brand and stock, but not the standalone stores around the UK.

The acquisition of Jaeger would be a good fit with M&S's new strategy of selling third-party brands which appeal to its core shoppers.