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Jack Wills to cut jobs amid turnaround plan

Published 12/07/2016

Jack Wills is to cut up to 15 jobs across its buying and merchandising divisions
Jack Wills is to cut up to 15 jobs across its buying and merchandising divisions

Jack Wills is making a round of redundancies as part of a turnaround plan aimed at returning the company to profitability.

Staff at the loss-making fashion retailer were told on Monday that up to 15 jobs will be axed across its buying and merchandising divisions.

Management also flagged that the company has taken a hit from the fall in sterling following Britain's decision to quit the European Union.

However, the redundancies are understood to be unrelated to Brexit.

The job losses are part of plans to reinvigorate the teenage clothing firm by founder Peter Williams, who returned to the role of chief executive in 2015 after two years.

A spokesman for Jack Wills said: "We are conducting a small amount of restructuring to improve overall group efficiency and improve our speed to market for product. As a result, a small number of employees are entering consultation and as a result it would be inappropriate to comment further."

Jack Wills, famous for its tweed blazers and hoodies, is owned by Inflexion Private Equity, Mr Williams and co-founder Robert Shaw.

Last year the firm ditched plans to float on the London Stock Exchange.

The spokesman added: "Since Pete's return last August we have seen substantial improvements across the business.

"The historic issues relating to the distribution centre have been resolved and we are about to accelerate the next stage of our growth both in the UK and internationally.

"We are already seeing triple-digit like-for-like growth in certain international online markets and we expect this to continue."

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