Entrepreneur Harold Tillman sells majority stake in Jaeger
Monday 16 April 2012
Related articles
Fashion entrepreneur Harold Tillman has sold his majority stake in Jaeger, the business he saved from collapse nearly 10 years ago.
The 128-year-old chain, which has 50 stand-alone stores and 70 concessions within department stores, has been sold to Better Capital, a private equity firm owned by British venture capitalist Jon Moulton, for £19.5 million.
Better Capital, which recently acquired double-glazing firm Everest for £25 million, will take a 90% stake but the majority of the cost went towards Jaeger's secured debts.
Jaeger, which was loss-making when it was acquired by Mr Tillman in 2003, reported £94 million in revenues and £1 million in operating profits in the year to February 2011.
It is the first high street name to be bought by turnaround-focused Better Capital, which was set up by Mr Moulton in 2009 after he left private equity firm Alchemy Partners.
Mr Tillman made his fortune in the rag trade, starting his career in the 1960s with wholesaler Lincroft Kilgour, where he later rose to managing director before floating it on the London Stock Exchange.
The south Londoner later added to his fortune by buying and selling UK Yves Saint Laurent distributor Marchpole. He bought retailer Aquascutum in 2009 and this, while not included in today's deal, is also believed to be up for sale.
Mr Tillman, who is chairman of the British Fashion Council, bought Jaeger for a token amount when its annual losses stood at £12 million and gradually returned it to profit.
But Mr Moulton said Jaeger had "substantial issues" and that he would be "astounded" if it did not have to close some stores.
"The numbers show it was relatively profitable, but is less so now," Mr Moulton said. "It's a great brand name and is a business that's got a good solid base."
Mr Moulton said Jaeger was still "relatively healthy" and had "something to build on".
He said Jaeger customers were "part of the population that has not done so badly" in the economic downturn and its low market share gave it scope for growth.
PA
- 1 Massive stage collapse before Radiohead concert kills one
- 2 News in pictures
- 3 Leveson threatened to quit after public attack by Gove
- 4 In pictures: The bewildering face of China
- 5 Osborne: The people’s damning verdict
- 6 Ed Miliband: 'Cameron is the last gasp of the old guard'
- 7 Savers start a 'jog' on Europe's banks as Greece votes
- 8 For whom the bell tolls: £20m 'Memo' project takes shape on Dorset's Jurassic coast
- 9 Still standing: George Galloway reveals why his staunchly Leftist outlook is still invariably right
- 10 Aung San Suu Kyi: A lesson in the value of kindness
- 1 Massive stage collapse before Radiohead concert kills one
- 2 Patrick Cockburn: Greece's day of reckoning dawns in a climate of anger and uncertainty
- 3 The Blagger's Guide To: The best (and worst) fathers
- 4 We just click: How Lego keeps building on its success
- 5 Revealed: Harry Potter is the Antichrist!
- 6 The Leveson Inquiry: We're in this together!
- 7 Osborne: The people’s damning verdict
- 8 David Flatman: Over and out
- 9 Frank Zimmerman and me: The truth about the troll who tormented Louise Mensch
- 10 Aung San Suu Kyi: A lesson in the value of kindness

Experience the Heineken Hub
Get free wi-fi and exclusive i content while you enjoy a tasty pint of Heineken at participating pubs.

Win a sumptuous three-night stay in Austria
Get away from it all in the fresh mountain air at the four-star Hotel Edelweiss & Gurgl.

Win a five-star foodie weekend to Liège
Spend two nights in gourmet heaven at a top hotel in the capital of French-speaking Belgium.

A home to be proud of with Halifax
Download the Halifax's brilliant, free new Home Finder app, and take all the pain out of finding your dream home

Playing a game-changing role during the Games
Cisco is providing the solutions for London 2012's complex IT needs.

Enter the latest Independent competitions
Win anything from gadgets to five-star holidays on our competitions and offers page.

Business videos from commercial thought leaders
Watch the best in the business world give their insights into the world of business.
Career Services
Day In a Page

Still standing: George Galloway

Daniel Radcliffe as drug-taking Beatnik poet

Objets czar: David Usborne’s collection of myriad objects

World's richest woman: Gina Rinehart

Comments