Sports Direct wins race to buy Jack Wills

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Mike Ashley has emerged at the winner in an auction to buy the UK fashion retailer Jack Wills.

Mr Ashley’s company Sports Direct has bought Jack Wills out of administration after competing against Edinburgh Woollen Mill Group.

Jack Wills has 100 stores in the UK, Ireland, Hong Kong, Singapore and the US and employs 1,700 people.

It is the latest in a series of struggling companies that Mr Ashley has acquired, with mixed results.

Sports Direct recently admitted that it regretted rescuing House of Fraser a year ago after discovering problems that it described as “nothing short of terminal”.

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