Struggling fashion label Jack Wills wins cash injection
Creditors of fashion label Jack Wills under HSBC have ordered an assessment of the firm’s finances, according to a report in Retail Gazette.
The news comes just weeks after Jack Wills achieved new investment of £10 million (US$12.8 million), followed by speculation that the company may soon need further financial help – prompting the appointment of advisers from auditing firm EY.
The new investment reportedly comes from an unnamed wealthy Italian family, which has previously invested in Jack Wills’ majority shareholder, BlueGem Capital Partners. BlueGem itself is thought to have provided a similar injection of cash. The identity of the investor is likely to be revealed following reports expected to be filed at Companies House.
Brand co-founder Peter Williams was ejected from the firm’s board last year, with new executives brought in to effect a turnaround.
Jack Wills operates more than 90 stores worldwide, including five stores in Hong Kong and two in Singapore.