Jaeger is sold – leaving its owner with a £62m bill
STRUGGLING Jaeger has been sold to a mystery buyer – leaving the fashion chain’s private equity backers £62m out of pocket.
It is understood that Edinburgh Woollen Mill, the retail group run by billionaire Philip Day, is behind the deal.
But last night Jaeger’s owner, private equity group Better Capital, refused to confirm the identity of the buyer, citing a confidentiality agreement.
Better Capital bought Jaeger in 2012 for £19.5m, but it has struggled to turn a profit. Last year sales fell from £84.2m to £78.4m, while it booked a loss of £5.4m.
Last night former owner Harold Tillman, who was rumoured to be interested, said: ‘I hope and wish for the survival of the brand, on behalf of employees.
‘I had it for eight years, and enjoyed eight years of growth and profit.’
As part of the deal, Better Capital has written off £23m.
Jaeger, which has around 25 standalone High Street stores, was founded in 1884 by businessman Lewis Tomalin.