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Philip Day makes bid for Jack Wills

Philip Day, who owns Edinburgh Woollen Mill, has put in an initial bid for struggling lifestyle retailer Jack Wills. 

Other retailers also understood to be in the early stages of assessing a possible offer include Crew Clothing, Marquee Brands - the owner of Ben Sherman, Sports Direct and Johan Eliasch, who runs the sportswear brand Head, the Sunday Times and Daily Telegraph have reported.

Restructuring firm Hilco and investment firm Alteri have also reportedly made offers for the company. 

Lenders to Jack Wills could be left £30m out of pocket if the business fails to find a buyer, the Daily Telegraph has reported.

Drapers revealed earlier this month that the private equity owner of Jack Wills, BlueGem, is searching for a new buyer for the retailer, while retaining a minority stake. Jack Wills said it has appointed KPMG to carry out a review of the business and explore future opportunities.

Jack Wills had a pre-tax loss of £29.3m on sales of £139.5m in the year to 31 January 2018. It currently has around 100 standalone stores across the UK, Ireland, US, Hong Kong and Singapore.

Edinburgh Woollen Mill and Jack Wills declined to comment. Sports Direct, Marquee Brands, Crew Clothing, Alteri, Hilco and Head have been contacted for comment. 

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