Jack Wills, which has shop in Stamford High Street, seeks new buyer

Jack Wills, which has a shop in Stamford, has appointed business advisors KPMG to examine all possible options for the company to allow it to survive.

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.

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.

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.