Edinburgh Woollen Mill, which recently bought the failed Austin Reed business, has emerged as front runner to acquire struggling high street chain Jaeger.

Run by the billionaire Philip Day, the group is said to be favourite among a number of bidders who are thought to include Mike Ashley’s Sports Direct.

Current owner, the private equity firm Better Capital headed by the private equity tycoon Jon Moulton, has valued the business at £30 million, having bought it for £19.5m in 2012..

Edinburgh Woollen Mill has defied market pressures in the retail sector and has assembled a number of brands including Jane Norman and  Peacocks.

Jaeger has 25 standalone stores and last year booked a pre-tax loss of £5.4 million.

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