Jaeger creditors demand payback

THE former owner of Jaeger is facing a showdown with creditors over the sale and failure of the fashion house.

Private equity firm Better Capital has been accused of owing them millions, but creditors are now understood to have bought shares in Better so they can speak at its next meeting with investors – setting the ground for a very public row.

Better sold Jaeger’s debt to Edinburgh Woollen Mill in March. The following month, Jaeger called in administrator Alix Partners.

Creditors are demanding an independent review into the timing and pricing of the sale.

They are also raising questions over the role of Alix Partners because of its previous work with Jaeger, Better and Edinburgh Woollen Mill.

Alix said its sales process was ‘extensive and very well-publicised’. It added that creditors were invited to bid for the company but that none did so.

Better could not be reached for comment.