Better Capital buys fashion brand Jaeger in £19.5m deal
The entrepreneur Harold Tillman has sold Jaeger, the 128-year-old fashion brand, for a knock-down £19.5m to Better Capital, the firm founded by the veteran venture capitalist Jon Moulton.
Better Capital has acquired 90 per cent of Jaeger, which has 50 UK shops, 90 concessions and a handful of stores overseas.
Mr Tillman keeps a 10 per cent stake and remains as Jaeger's non-executive chairman.
Mr Moulton, who founded Better Capital in 2009, said: "It [Jaeger] has been struggling but not a lot. It has been short of capital. It is a very strong brand and we have a good business to start from."
Jaeger has had to channel funds into the loss-making Aquascutum brand, which Mr Tillman acquired in 2009 and is also up for sale. Better Capital has acquired all the secured debt in Jaeger, which accounts for the "substantial majority" of the price tag. It has paid less than £5m for the retailer's equity.
This means that Mr Tillman, who bought Jaeger when it was loss-making in 2003, is unlikely to have made much from the sale.
Pre-tax profits at Jaeger tumbled by 65 per cent to £772,000 for the year to 28 February 2011.
Better Capital's head of portfolio, Nick Sanders, will run Jaeger, which was founded in 1884.
Jaeger's chief executive, Belinda Earl, stepped down on health grounds earlier this year.
- 1 Howard Jacobson: Let's see the 'criticism' of Israel for what it really is
- 2 Instagram of US airport security chiefs: Lipstick knives and IED training kits among items seized
- 3 Brazil vs Germany World Cup 2014: In defence of Mesut Ozil - the Arsenal midfielder works magic in the shadows
- 4 PornHub begs users to stop uploading video clips of Brazil getting beaten 7-1
- 5 Tony Abbott embarrasses Australia by praising Japanese WWII military, ‘getting on the sake’ and posing for ‘crotch-shot’ photo opportunity
Sustained immigration has not harmed Britons' employment, say government advisers
Australia facing international condemnation after turning around Sri Lankans at sea
7/7 memorial defaced on anniversary of 2005 attacks with ‘Blair lied thousands died’ graffiti
Even when it brutalises one of its own teenage citizens, America is helpless against Israel
There’s a nasty smell in the political air – and it’s coming from the Tories
Vanessa Feltz criticises 'vile' reaction to Rolf Harris allegations
iJobs Money & Business
£60000 - £75000 per annum: Harrington Starr: Business Analyst Consultant (Fina...
£60000 per annum: Harrington Starr: A leading provider in investment managemen...
£600 - £700 per day: Harrington Starr: AVS, JVS Openlink Endur Developer JVS, ...
£30000 per annum: Harrington Starr: A global leader in trading platforms and e...