// M&S to buy Jaeger as soon as this week
// Jaeger is owned by Philip Day’s Edinburgh Woollen Mill Group
// The company went into administration last November
Marks & Spencer is reportedly close to signing a deal to purchase Jaeger from administrators to Edinburgh Woollen Mill (EWM) Group.
Jaeger, which is owned by Philip Day’s clothing empire, was forced to appoint administrators last November after the Covid-19 pandemic hammered its business.
M&S could sign an agreement to acquire Jaeger as soon as this week, Sky News reported.
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EWM Group said a transaction with M&S was “imminent” but added that many of the firm’s former assets were less likely to be salvaged.
EWM Group also owned Peacocks, Austin Reed and Jacques Vert, none of which are currently on M&S’s radar.
M&S’s deal is expected to involve the acquisition of Jaeger’s brand and stock, but not its standalone stores which remained in place following the closure of 13 shops in November.
Last year, M&S placed a bid to acquire the UK arm of Victoria’s Secret but lost out to rival Next.
If completed, the takeover by M&S will mark another chapter for Jaeger.
FRP Advisory is handling EWM Group’s administration process.
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