Mike Ashley to rival Philip Day in Jack Wills takeover bid

Sport Direct owner Mike Ashley and Edinburgh Woollen Mill (EWM) owner Philip Day are the final bidders for fashion retailer Jack Wills, according to Sky News.

It was first reported last month that the brands owner BlueGem was looking for a buyer for the retailer, with Marquee Brands, Johan Eliasch also interested in the acquisition.

It has been reported that a decision about the ownership of the business was likely in the coming days, and a substantial restructure of the company has been described as “inevitable”.

Jack Wills has faced a challenging year, reporting a pre-tax loss of £29.3m for the year to January 31 2018, according to accounts filed earlier this year.

Retail Sector has contacted EWM, Sports Direct and Blue Gem for comment.