Investor trio on verge of saving Jacques Vert
A GROUP of little-known investors is on the verge of sealing a deal to save troubled womenswear chain Jacques Vert and keep more than 1,500 jobs.
The rescuers are a trio of Asian entrepreneurs – Sundeep Vyas, Haseeb Aziz and Arvind Vij – who are expected to pump in several million pounds to keep most of the stores open and preserve many of the jobs, understood to be more than 1,500 of the 1,900 at risk.
The deal was expected to close late last night or early today with an official announcement to follow. A source close to the situation said: “It will definitely play out.”
Most of the job losses will come from the head office. The deal will be done through a pre-pack administration, allowing the buyers to offload some of the company’s liabilities. KPMG is handling the sale.
Reports had suggested that the fashion veteran Harold Tillman – the former Jaeger owner and British Fashion Council boss – was fronting the deal, but a source said: “The cash has not come from Tillman and he is not formally involved in the transaction.”
The group’s official name is Style Brands, but it trades mainly as Jacques Vert, with other lesser-known brands including Windsmoor, Precis, Dash and Eastex. It has around 1,850 outlets in the UK, Europe and Canada.
It trades mainly through concessions in department stores including Debenhams and House of Fraser.
The group was formed from the combination of Jacques Vert and Irisa Group in 2012 and is backed by inves- tor Sun European Partners. KPMG and Sun European declined to comment. None of the trio of potential investors, nor Mr Tillman, could be reached.
The fashion group is the latest firm to hit financial difficulties this year, as high street retailers suffer from rising costs, such as business rates and minimum wage rates, and falling spending on clothes. Clothes company Jaeger and footwear firm Brantano both recently fell into administration, although Edinburgh Woollen Mill bought Jaeger’s brand last month.
Meanwhile, Store Twenty One is battling to stave off administration, after it won a stay of execution from a court earlier this week after earlier filing a notice to appoint administrators, according to Retail Week.