Sports Direct and Newcastle United owner Mike Ashley has bought struggling clothing brand Jack Wills.
The fashion chain revealed it was struggling when it brought in accountancy firm KPMG to look at its future options last month.
Mr Ashley was understood to have been a early favourite to acquire the clothing brand from a pre-pack administration.
And on Monday afternoon, KPMG confirmed Jack Wills has now been sold to Sports Direct.
Mr Ashley's purchase of the fashion chain out of administration is a strategy he has used in the past, most recently when he purchased House of Fraser.
Mr Ashley ultimately won the bidding war for the department store chain against billionaire Philip Day, acquiring the company for £90m and promising to keep 80% of its stores open.
Following the release of , Mr Ashley described House of Fraser's situation as "terminal" and said it was inevitable that he would have to close more stores.
However, he did claim that he might be able to save the business.
