Better Capital acquires majority stake in Jaeger
LONDON - Better Capital, a Guernsey-based investment company owned by British venture capitalist Jon Moulton has bought over majority stake in British fashion chain Jaeger for 19.5 million pounds.
Better Capital said in a statement Monday that it had acquired, "all of the secured debt and a 90 per cent stake in Jaeger Group Limited The aggregate cost of the acquisition was 19.5 million pounds, the substantial majority of which was in respect of the acquisition of the secured debt with the remainder in respect of the equity stake."
The company acquired 90 per cent stake from fashion entrepreneur and British Fashion Council chairman Harold Tillman , who had saved the label from collapse nearly ten years ago.
Majority of the funds from the stake sale has gone to pay Jaeger's secured debts.
The British label was making an annual loss of 12 million pounds when it was acquired by Tillman in 2003.
In February last year, it reported 94 million pounds in annual revenues and around 1 million pounds in operating profits in the year to February 2011.
The 128-year-old chain, which has 40 stand-alone stores and 70 concessions within department stores, has seen its profits fall over 60 per cent from 2.22 million pounds to 772,000 pounds in 2011.
The retail mogul admitted in January that the label had not been immune to a difficult year for the UK high street. "The London market has been very positive. Outside of London certain parts of the country have been strong, but overall it has been challenging," said Tillman in January.
Jaeger is the first High Street name to be bought by turnaround-focused Better Capital, which was set up by Moulton in 2009 after he left private equity firm Alchemy Partners.
Moulton said Jaeger had 'substantial issues' and that he would be 'astounded' if it did not have to close some stores. At the same time, Moulton expressed confidence in the brand name, stating Jaeger was still 'relatively healthy' and had 'something to build on'.
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