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Jaeger fund makes £23m write-off

Jaeger owner Better Capital has confirmed the general partner of its 2012 fund has sold its debt instruments to an undisclosed buyer at a heavy write-down.

The 2012 fund expects to receive net funds of around £7m, or 2.2p per share, which represented a “disappointing” £23m, or 7.2p-per-share write-off, Better Capital said.

The buyer is independent of both the company and the 2012 fund, but Better Capital said confidentiality undertakings prevented any further disclosure.

It added: “The business now needs scale and further financial resource not available from the 2012 fund to grow. This is the right time for a new strategic investor to take Jaeger into its next phase of development.

“The board wishes Jaeger and its ongoing team every success in its future.”

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Readers' comments (1)

  • Better Capital in the Parliamentive.tv.

    http://www.parliamentlive.tv/Event/Index/7d220cdc-4d5b-42f9-be1f-b080f352d86e

    “There are too many pre-pack deals around. We need to enhance our morals and ethics in business in this country.”

    UK government should review insolvency laws to provide a more “ethical, moral and level playing field”, which gives all creditors access to information and the opportunity to have an input in the future of a company in administration.

    “Suppliers are often left with nothing and it is completely unacceptable,” “The law needs to change. It is affecting people’s jobs and livelihoods.”

    Is “increasingly difficult” for suppliers to do business with British retailers without running the risk of losing money due to firms falling into insolvency.

    César Araújo

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