Better Capital, the private equity firm owned by John Moulton, has acquired a 90 per cent stake in fashion retailer Jaeger for £19.5m, securing its debut and ensuring the future of the business. The 128-year-old British chain, which has 50 standalone shops and 70 concessions within department stores, saw its profit fall by two-thirds last year, hit by poor performing stores and bad weather in the UK in December 2012. The retailer saw its pre-tax profits in the year to February 2011 fall to £772,000 from £2.22m the previous year, and its revenue also fell 10 per cent to £94m.
Harold Tillman, the chairman of the British Fashion Council, became the majority investor in Jaeger in 2002 taking a 70 per cent share in business, and in this deal he will retain a 10 per cent stake and will remain chairman at the retailer.
Jaeger, which has recently been in the spotlight for designing new staff uniforms at Kensington Palace, released the following statement: “The Board is pleased that Jaeger has a new owner in Better Capital, thereby securing the future of the business. The investment that Better Capital has provided will create a strong foundation on which to further develop our iconic brand.”
It has also been reported that Tillman’s other fashion business Aquascutum is also up for sale.