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Tillman begins legal action over Jaeger collapse

Former owner of womenswear fashion brands Jaeger and Aquascutum Harold Tillman is preparing to take another of the businesses’ previous owners to court, The Times has reported.

Tillman has reportedly filed a lawsuit centring around the 2012 deal by Lloyds to sell Jaeger’s £16m debt to private equity fund Better Capital.

Tillman claims that the deal was announced with no warning, and says he was not offered the chance to finance the debt himself. Lloyds and Better Capital have rejected the claims.

Better Capital founder Jon Moulton told The Times: “We bought the debt from Lloyds Bank, then had to put money in the company as it was bankrupt. It was a normal transaction.”

Edinburgh Woollen Mill Group (EWM) bought the brand name as well as its debt from Jaeger’s former owner, private equity firm Better Capital, in March 2017.

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