JAEGER has been sold for almost £20 million to Better Capital, a Guernsey-based investment company.

Better Capital said in a statement today that it had acquired, "all of the secured debt and a 90 per cent stake in Jaeger Group Limited… The aggregate cost of the acquisition was£19.5 million, the substantial majority of which was in respect of the acquisition of the secured debt with the remainder in respect of the equity stake."

"The board is pleased that Jaeger has a new owner in Better Capital, thereby securing the future of the business," Jaeger said in a statement today. "The investment that Better Capital has provided will create a strong foundation on which to further develop our iconic brand."

The British label - which saw 2011 profits fall by more than 60 per cent from £2.22 million to £772,000, on a turnover up 10 per cent to £93.9 million - was acquired by British Fashion Council chairman Harold Tillman in 2002, but the retail mogul admitted in January that the label had not been immune to a difficult year for the UK high street.