Published: 09:30, 09 July 2019
| Updated: 10:02, 09 July 2019
Another major fashion retailer on the high street has admitted it is looking at a potential new buyer after struggling with declining sales.
According to industry reports, the firm has struggled with a double whammy of pressure from its bank, HSBC, and a decision by its owner Bluegem Capital Partners to not invest further funds.
In a statement, Jack Wills said KPMG would "carry out a review of the business and explore future opportunities".
It added: "In the meantime, management remains focused on its strategy of new product development, improving margins and driving cost efficiencies, which is already reaping benefits.”
In its latest financial figures up to the end of January 2018, it saw an operating loss of £14.2million - a year before it had delivered a £2.2m profit.
It's struggles come hot on the heels of problems at another high-end fashion outlet, LK Bennett, which went into administration in March before a rescue deal saved it in April - but not before 15 stores were forced to close.
Jack Wills was founded by Peter Williams and Robert Shaw in 1999 - the name coming from one of the co-founders' grandparents.
Today it is owned jointly by Williams and private equity company BlueGem Capital Partners.
"Management remains focused on its strategy of new product development, improving margins and driving cost efficiencies."
Designed as a premium brand, it was made to "bottle what being at a British university was all about".
Like most students, it seems it too found itself struggling with its finances.
KPMG and BlueGem did not comment when contacted by KentOnline.