Struggling retail chain Jaeger is up for sale, private equity veteran and Better Capital boss Jon Moulton has confirmed.
Moulton told City A.M. that a sale "process is under way" with "a considerable number" of buyers having approached him already.
Better Capital has hired AlixPartners to advise over the sale of the 133-year-old fashion brand.
The private equity firm bought a majority stake in the the 133-year-old retailer for £19.5m in 2012. Last year Jaeger closed three stores including its Regent Street flagship. In October, it opened a two-floor, 2,000 square feet store on Marylebone High Street.
In an interview with City A.M. earlier this year, Moulton blamed the heavy discounting witnessed on the high street for the sector’s troubles.
“Everyone seems to be offering clothes at minus 70 per cent and that really is a nuisance because it destroys the image of your brand, it is hurting lots of retailers. Even Burberry is not having an easy time.”
He ruled out suggestions of the brand collapsing into administration.
“We don’t see it going into administration otherwise we wouldn’t be sitting here. From reducing prices of the clothes to shutting shops, we’ve considered all the options you could imagine,” he said.
Harold Tillman, who was formerly head of Jaeger and Aquascutum, is interested in buying up the brand. the Sunday Telegraph reported over the weekend.