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Jaeger pulled from market after 'too low' offers

Jaeger owner Harold Tillman has pulled premium chain Jaeger from the market after it failed to attract bids north of £100m, according to reports.

Tillman, who is chairman of the British Fashion Council and owns a 72% stake in Jaeger, appointed investment bank Rothschild in February to consider strategic options for the business, including an outright sale.

According to the Independent, Rothschild fired the starting gun on a sale process, but has since rejected all offers as they were substantially below the price tag.

Retail tycoons Sir Stuart Rose and Sir Philip Green had both been tipped as potential suitors, but it is not known whether either of them made an offer.

Tillman bought the loss-making business in 2003 and in 2004 drafted in Belinda Earl, the former chief executive of Debenhams, to lead the recovery of the brand. She owns a 20% stake and the remaining 8% is shared by other management. It has 46 UK stores.

This is not the first time a potential sale of Jaeger has been mooted and in 2008 Tillman appointed UBS to complete a strategic review of Jaeger.

Tillman and Earl also bought Aquascutum from Japanese manufacturer Renown in 2009, and have reduced the company’s losses over the six months to February 28 to £6m, compared with a £17m loss in the previous eight months.

Jeager’s spokesman declined to comment and Harold Tillman could not be reached by the time of publication.

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