Mike Ashley has moved into pole position in the race to buy Jack Wills, the fashion retailer, in a move which risks inflaming growing tensions between the billionaire tycoon and City investors.
Sky News has learnt that Mr Ashley’s Sports Direct International has this weekend become the preferred bidder for Jack Wills, which has been seeking a buyer for the last month.
A deal between Sports Direct and Jack Wills, known for its ‘preppy’ fashion ranges popular among students, could be announced as soon as Monday.
Sources said that it was expected to be structured as a pre-pack administration, repeating many of the previous takeovers which have made Mr Ashley one of the most prolific buyers of British retail brands.
One insider cautioned on Sunday that a deal had yet to be signed, and warned that it could yet fall apart.
If a pre-pack administration does take place, it would be handled by KPMG, the professional services firm, sources indicated.
Sky News revealed on Friday that Sports Direct and Edinburgh Woollen Mill Group, which is headed by rival billionaire Philip Day, were locked in a two-way fight to buy Jack Wills.
If the deal with Mr Ashley goes ahead, a substantial restructuring of the business is seen as inevitable, which will have implications for some of Jack Wills’ 1800 employees and 110 standalone stores.
The post Ashley Risks Inflaming City Tensions With Swoop For Jack Wills appeared first on Independent Newspapers Nigeria.
Source: Independent
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