Peacocks rescued from administration
EWM Group, the private investment group controlled by the Day family, has confirmed that it has agreed to support a bid by an international investment consortium to rescue the Peacocks fashion chain out of administration.
In a statement, EWM said a group of international investors led Edinburgh Woollen Mill chief operating officer Steve Simpson has agreed to provide sufficient working capital to enable the business to emerge from administration with the saving of around 2,000 jobs. As a leading secured creditor, EWM Group will provide a deferred loan to the consortium.
The transaction was negotiated by Peacocks’s administrator FRP. The retailer was placed in administration last November due to the effects of Covid-19 lockdowns on the business.
EWM said the Peacocks’ management team is looking to reopen up to 200 stores when retail lockdown restrictions are lifted. The company is also hoping that all 1,850 store staff currently on furlough will be able to return to work once stores reopen, along with more than 150 head office and support staff.
No job losses are planned as a result of the deal.
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