Jaeger acquired by Better Capital
Iconic British fashion retailer Jaeger has been acquired by Better Capital in a deal worth £19.5 million. The private equity firm has bought a 90% stake in the business and all of its secured debt.
Jaeger is the first high-street name to be bought by the turnaround specialist. In the year to end February 2011, the retailer saw its pre-tax profit fall to £772,000 from £2.22 million the previous year. It also posted a 10% fall in revenue to £94 million.
Better Capital acquired the stake from fashion entrepreneur Harold Tillman who took a majority investment in the company in 2002.
Tillman recruited former Debenhams chief executive Belinda Earl to run the business in 2004 but Earl stood down last month as CEO of Jaeger and sister company Aquascutum due to ill health.
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