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Jack Wills calls in advisers

Lenders at Jack Wills have appointed accountancy firm EY to asses the company’s financial position.

The retailer’s lenders, led by high street bank HSBC, appointed the accountancy firm to assist in negotiations on borrowing covenants, Sky News first reported.

New and existing shareholders are understood to have have invested £20m in the business in the past couple of weeks.

In a turbulent year for the young fashion retailer, founder, Peter Williams, was ousted from the business in August and former Debenhams executive director, Suzanne Harlow, took over as CEO in September.

At the end of last year Jack Wills was understood to be in discussions to reduce rents in an effort to alleviate pressure on the business.

The retailer now has more than 90 stores and opened four new premises in November in Basingstoke, Braintree, Camberley and Spalding.

Jack Wills declined to comment. EY has yet to respond to request for comment.  

Readers' comments (4)

  • The retailer...opened four new premises in November in Basingstoke, Braintree, Camberley and Spalding.

    I’m somewhat surprised that the team discerned this investment to be part of the solution, rather than part of the problem.

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  • I've been in the Spalding store. It's a pop up outlet, just stuff that hasn't sold elsewhere. All ridiculously discounted.

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  • Seems bad business to open new stores, not only because of their financial situation, but the retail climate as whole. Hope they're on short leases.

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  • Pretty much irrelevant for the young teenager that elevated it to where it was, the preppy soldier sweet spot has moved on to Vintage and the Mums and Dads that put them in their alternative Jack Wills emblazoned school uniform are now the main customer, so JW (plse read as an embroidery) find themselves in a crowded grave yard along with Fat Face, White Stuff, Superdry, AnF, etc etc etc etc

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