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Gloucestershire Business News

Mike Ashley agrees £12.75 million deal for a new signing

Mike Ashley has spent £12.75million to capture Jack Wills.

But if Newcastle United fans think their club's owner has splashed the cash on a new centre forward, they will be a touch disappointed.

Because the latest transaction carried out by the Sports Direct owner is to buy the struggling fashion retailer out of administration.

Jack Wills have stores at Gloucester Quays and on Cheltenham's Promenade and have a reputation as a go-to shop for well-heeled young men.

However, the business has been flagging in recent months and was put into administration before being bought by Sports Direct.

The move safeguards the future of all 100 of the brand's stores and its employees.

According to reports, the chain will be run as a separate entity from Sports Direct with its' own board and executives.

Sports Direct have made a number of acquisitions of struggling High Street chains in the recent past, with notably mixed results.

Their purchase of House of Fraser has not gone according to plan with the parent company announcing last week that the problems at House of Fraser "were nothing short of terminal."

Mr Ashley and Sports Direct have also made a major play to buy Debenhams without success but have recently purchased Game and Evans Cycles.

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