Day swoops on Jacques Vert amid House of Fraser talks

BILLIONAIRE retailer Philip Day is poised to snap up collapsed womenswear brand Jacques Vert as talks continue over a potential swoop on House of Fraser.

The owner of Edinburgh Woollen Mill is reportedly buying Calvetron Brands after the company crashed into administration earlier this year putting 1,000 jobs under threat.

Calvetron sold clothes from 300 outlets in department stores, but was forced to appoint administrators Duff & Phelps after failing to counter a double whammy of falling sales and rising costs. Mr Day will also seize control of brands such as Windsmoor and Precis as part of the move, which was first reported by Sky News.

It comes as the tycoon remains locked in talks over a potential lifeline deal for House of Fraser, which is scrambling to secure its future and 17,500 jobs.

The department store chain is seeking a new buyer after Chinese shoe retailer C.banner International called time on a £70m rescue.

Sports Direct founder and fellow retail billionaire Mike Ashley was keen on a deal, but is said to have cooled his interest amid concerns over its pensions funds.

Mr Day, who also owns fashion chains Jaeger and Peacocks, has reportedly been in discussions with House of Fraser chief executive Alex Williamson since March.

The sales process, led by investment bank Rothschild, has also attracted interest from turnaround funds Alteri Investors and Hilco.

Hopes of a rescue deal were boosted after House of Fraser settled a legal row with landlords, paving the way for the closure of 31 of its 59 shops.

It said that it was “focused on concluding discussion with interested investors” now that the settlement had removed the risk the legal dispute posed to the talks.