Jack Wills PE owner seeks buyer
KPMG which was called in by BlueGem to review the Jack Wills business has commenced its search for a buyer for the majority stake in Jack Wills following the retailer's mounting losses. BlueGem had injected a further £28 million in the business, which included £10m from Italian investor Giorgio Girondi, since acquiring it in 2016, however it has become clear that further significant funding is needed. Jack Wills has closed US stores in order to make savings and is taking the policy of not renewing poorly performing UK store leases when they come up for renewal.
It is understood that BlueGem is keen to retain a minority stake.