Jack Wills secures extra £10m funding as its embarks on a store opening spree

 
Kasmira Jefford
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Jack Wills, founded in 1999, is aimed at university students (Source: Jack Wills)

Jack Wills has secured an extra £10m of funding from its lenders as it looks to add another 10 stores to its clothing empire this year.

The preppy fashion chain, which counts Prince Harry among its fans, said HSBC has agreed to increase its revolving credit facility to £30m for the rest of 2016 to help support its expansion.

Chief executive Peter Williams, who co-founded the brand 17 years ago in the upmarket Devon seaside town of Salcombe, said: "We are very pleased with this additional support from HSBC, which is precisely why we chose them as our relationship bank two years ago."

"This gives us the opportunity to grow the business globally through the summer and on towards Christmas, building on the positive trading we have enjoyed over the past six months,” he added.

Williams returned to the helm at Jack Wills last summer, two years after stepping down, just as it shelved plans to float.

The retailer is now looking to open more stores in the UK as well as Asia, with 10 more openings planned this year. In total it has around 80 stores in Britain, the US and Asia.

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