// TM Lewin owner Torque Brands in line to acquire Philip Day’s Jaeger brand
// Jaeger is owned by Edinburgh Woollen Mill, which is on the brink of collapse
// There is “reasonable likelihood” Day will apply for an extension on a notice of intention to appoint administrators, as it expires Thursday
TM Lewin parent company Torque Brands is reportedly among the bidders for Philip Day’s Jaeger fashion brand.
The investors who bought shirt-maker TM Lewin earlier this year are in talks to acquire Jaeger, Sky News reported.
Torque Brands, a vehicle headed by the former Simba mattress chief executive James Cox, is one of a small number of bidders.
Jaeger’s current owner is Edinburgh Woollen Mill Group, led by billionaire businessman Day.
EWM Group is currently on the brink of collapse. Over 20,000 jobs are at risk if the company – which also owns the Peacocks and Edinburgh Woollen Mill chains – falls into administration.
A notice of intention to appoint FRP Advisory as administrator was filed earlier this month and is due to expire on Thursday.
However, there is a “reasonable likelihood” that Day will apply for an extension.
The tycoon is trying to retain control of Peacocks, aided by a capital injection from the US hedge fund Davidson Kempner.
The deal means Peacocks would be acquired out of administration, with its worst-performing stores axed, led by EWM’s chief, Steve Simpson, and backed by Day
Peacocks has about 400 stores and would be run alongside Bonmarché, the struggling womenswear retailer fashion chain that Day acquired this year which sits outside the EWM group.