Jack Wills defies high street gloom with 57% surge in profits

CLOTHING brand Jack Wills has seen revenues and profits soar, despite the turmoil on the high street as its preppy fashion continues to gain traction with teenagers and students.

The firm, which is popular with young celebrities such as boy band One Direction, saw pre-tax profits soar by almost 57 per cent to £10.5 million in the year to 31 January. Revenues also jumped 41 per cent to hit £91.5m, according to accounts filed at Companies House.

In the company’s report, co-founder Peter Williams, who still owns the majority of the firm along with Rob Shaw, acknowledged the deterioration of conditions on the high street since the end of its financial year. But he said that, “based on the current year performance to date”, the directors are “confident” of another “strong” set of results in 2011.

Jack Wills has 50 outlets in the UK and last year it expanded to the US, where it opened three stores.

In the summer the chain was linked to a stake sale or flotation after advisers at Goldman Sachs were appointed, but retail analysts say the market turmoil has rendered an initial public offering unlikely.

The clothing company originates from Salcombe, Devon, and started out in 1999 with a single shop.