Fashion retailer Jack Wills has managed to return to profit following a period of substantial loss making.
Co-founder Peter Williams, who created the company 18 years ago with Rob Shaw, returned to the retailer two years ago and has been attributed to bringing the retailer out of the red.
In the year to January, Jack Wills posted operating profits of £730,000, compared to a loss of £13.8 million just a year earlier.
Sales were also up four per cent to £142.4 million.
Williams is credited with the label’s dramatic turnaround, attributing his “obsession” with full price sales and push away from discounting to its success.
After the brand’s sales began to decline and a warehouse outsourcing scheme backfired, Williams returned from a three-year sabbatical in 2015.
Last year he bought out co-founder Shaw and the retailer’s previous backer Inflexion with financial help from Liberty London owner BlueGem.