Jack Wills founder returns as CEO and calls off IPO

Peter Williams, the founder of and former chief executive of preppy, English brand Jack Wills, is set to take over his former role as the current CEO Wendy Backer exits the role, with immediate effect. His return comes as the label revealed its board and shareholders cancelled plans of float on the London Stock Exchange.

Peter Williams returns to former role as plans for a floatation are pulled

Williams previously stepped down from his role as CEO in 2013, but remained closely involved with the company as the majority shareholder. Becker reportedly worked closely with Willaims to develop a concise three-year strategy to enable the continual growth of Jack Wills, which included plans for an IPO. However, following a "detailed review of Jack Wills' growth opportunities" the company decided to back away from a future float.

Becker, a former Vodafone and Carphone Warehouse executive, first joined the company in 2012 as chief operating officer before being appointed chief executive officer in 2013. She stated that she "fully agrees" with the company's decision not to pursue an IPO, adding: "I wish Peter and his colleagues every success in building on Jack Wills’ great brand and great heritage." She remains a shareholder.

Williams is keen to return to his former role after a two year pause, adding: "I would like to thank Wendy for her significant contribution to the business and for putting in place the people and the processes that will enable us to continue our growth." Jack Wills was founded by Williams and his friend Robert Shaw in Salcombe, Devon in 1999. The brand is said to have been named after Williams grandfather.

Jack Wills latest publicly available figures, from February 2014, showed that sales grew slightly from 112 million pounds to 118 million pounds, with loss widening from 180,000 pounds to 6.7 million pounds.

To date, the two founders own almost the 70 percent of the company, private equity firm Inflexion has a 27 percent stake, and the remainder is owned by the company’s management team.