Dragon Peter Jones in late move for troubled Blacks

TV BUSINESS “dragon” Peter Jones has emerged as an 11th hour “wild card” suitor for the distressed high street outdoor retail business, Blacks Leisure.

It is understood that Jones, one of the stars of the reality TV programme Dragons’ Den, put in an undisclosed bid for the assets of the business, which is on the brink of administration, ahead of a deadline yesterday.

The sale is being handled by KPMG, with the announcement of a preferred bidder expected as early as today. Blacks said before Christmas that any takeover of its assets and brands by unnamed suitors is likely to leave the shares worthless.

It is believed the main rival bidders to Jones for Blacks are Sports Direct, owned by Newcastle FC owner Mike Ashley, and retailer JD Sports. Edinburgh Woollen Mill has also monitored the situation.

Neither Blacks Leisure, whose main brands are Blacks and Milletts, or Jones would comment yesterday. It is thought the sale may be through a pre-pack administration whereby companies enter formal insolvency but emerge quickly under new pre‑arranged ownership.

One retail analyst said: “Jones is a bit of a late wild card in this rather desperate auction. It livens the sale up a bit, but I would still say Ashley and Sports Direct remain the frontrunner.” Sports Direct has a 22 per cent stake in Blacks already.

Blacks can trace its history back to a sailmaking business founded in Greenock in 1861. It also owns brands Peter Storm and Eurohike and has debts of £36m.