Fashion group Jack Wills has been bought out by Union Lifestyle Limited following the announcement that full-year profits had slipped over 40%. Union Lifestyle is itself a consortium comprising BlueGem Capital Partners – owners of London department store Liberty - and Peter Williams, the founder and current chief executive of the Jack Wills brand.

The deal should give Jack Wills extra capital in order to continue with its expansion plans into international markets and invest more into the brand’s “fast paced” revival.

As part of the sale, Lord Mervyn Davies has stepped down as the retailer’s non-executive chairman and has been replaced by Derek Lovelock from Mamas and Papas.