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Jaeger narrows losses in first year under Better Capital

Jaeger has significantly narrowed its losses in the retailer’s first financial year since being taken over by Better Capital.

The business has halved losses after tax from £35.5m to £13.1m for the full year to February 23, despite sales dropping 17% to £70.7m. Gross profits also fell 17% to £40.9m.

Better Capital, which acquired the business from Harold Tillman last April, said it had been a challenging year although it was upbeat about current trading.

“The company now feels well positioned for the future and on the right trajectory for profitable growth.”

 Recently appointed chief executive Colin Henry added: “I have significantly strengthened the team and we are relentlessly focused on returning Jaeger to its position as one of Britain’s best loved, premium heritage brands.

“It is early days and there is still an enormous amount of work to be done but we now have a talented team and clear strategy in place to deliver on our plans.”

Since joining in June, Henry has restructured the team leading to the departure of chief operating officer Carolyn Springett who had been at the retailer for 12 years, and brand director Shailina Parti.

A new senior team, including former Marks & Spencer buyers Liza Webb and Caroline Lee.

Henry replaced chairman Stewart Binnie who left in a surprise move this spring after just nine months at the helm.

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