Mike Ashley’s retail empire Sports Direct has purchased the business and assets of UK-based clothing retailer Jack Wills out of administration for a cash consideration of £12.75m ($15.53m).
The deal covers all of the UK and Republic of Ireland stores and stock, and the international Jack Wills brand.
Around 1,700 employees are working across 100 Jack Wills UK stores, as well as six franchises, including franchises in the Middle East, reported The Guardian.
Previously, the retailer acquired House of Fraser, Goals Soccer Centres, Game Digital, Evans Cycles and Sofa.com businesses but failed in its plans to purchase Debenhams and Findel.
Sports Direct elevation head Michael Murray told LBC: “Jack Wills has made a name for itself carving out a unique place in the minds of consumers since its launch and has today grown into one of the most recognised British fashion brands.
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By GlobalData“Having taken a personal role in driving the decision to bid for this business, I am absolutely thrilled that Sports Direct was successful.
“Jack Wills will continue to operate as a separate company with its own leadership team. Our role will be to support the business and help elevate the brand and help restore it to its former glory.”
Jack Wills had gross assets of £98.965m and a net profit after exceptional items of £19.206m for the year ended 28 January 2018.
