Pheasant Clothing Limited (03504842): administration
- Status
- Administration ended
- Administration began
- 2020-08-05
- Administrators
- Christopher Robert Pole, William James Wright
- Administrators' firm
- KPMG
- Formerly
- Jack Wills Limited; PRM Williams Clothing Limited
- Incorporated
- 1998-02-05
- Location
- London
- Industry
- 47710 Retail sale of clothing in specialised stores
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
From the administrators' statement
Jack Wills Limited (“JWL”) was founded by Peter Williams on 5 February 1998 with the brand launching in a single store in Salcombe the following year. In 2007, after organic growth in the UK, Inflexion Private Equity Partners LLP acquired 27% of the equity. The Company then embarked on overseas expansion with store openings in Ireland, USA, Asia and the Middle East by 2012.
In 2016, Peter Williams, along with BlueGem Capital Partners LLP (“BlueGem”), bought out the existing shareholders.
It is understood that over the last 18 months, the Group experienced cash flow difficulties, largely attributable to poor trading conditions on the high street. In 2018, BlueGem brought in the current CEO to effect a turnaround plan for the business. The current CFO, was also brought in May 2019 to address the performance of the business.
Administrators' statement of proposals (2019-09-02) · Companies House register