Sports Direct snaps up Jack Wills in £12.7m deal

Sports Direct has bought stricken fashion retailer Jack Wills in a pre-pack deal worth just £12.7m.

The Shirebrook firm announced the deal yesterday evening (5 August) after reports emerged over the weekend that it was locked in a battle with Philli Day to buy the high street brand.

Sports Direct’s Mike Ashley will consider the deal a bargain as it includes all 100 Jack Wills stores plus its distribution centre.#

In its latest results to the end of January 2018, Jack Wills made an operating loss of £14.2m.

Suzanne Harlow, chief executive of Jack Wills, said: “Despite significant progress, the challenging trading environment led us to conclude that the company’s long-term future would be best served as part of a larger group and Sports Direct will enable us to do this.”

The deal was brokered by KPMG. Will Wright, partner at KPMG and joint administrator, said: “Jack Wills has a strong brand and proud British heritage, so it is pleasing to have been able to secure this agreement with Sports Direct.”