Philip Day places bid for Jack Wills

Edinburgh Woollen Mill owner Philip Day has put in an initial bid to acquire fashion retailer Jack Wills.

It has also been reported that the company’s owner BlueGem is considering bids from other groups, including Marquee Brands – owner of Ben Sherman, Sports Direct and Johan Eliasch, owner of sportswear brand Head, according to The Daily Telegraph.

Lenders could lose around £30m if a new buyer is not found for the retailer, with accountancy firm KPMG appointed to carry out a review, and look into future opportunities.

The retailer has faced a challenging year, reporting a pre-tax loss of £29.3 million for the year to January 31, 2018 according to accounts filed earlier this year.

The news comes as Philip Day has edged closer to acquiring retail brand Bonmarche, after purchasing 52% of the company last month.