Collapsed fashion chain Peacocks has been bought out of administration by a senior executive with backing from a consortium of international investors, saving 200 stores and 2,000 jobs.
Peacocks, which was part of billionaire Philip Day s EWM Group retail empire, went into administration last November. The Cardiff-based chain operated 423 stores with 4,369 staff before its collapse.
Now, chief operating officer Steve Simpson will take over the business with support from international investors, reopening 200 stores and saving 2,000 jobs.
According to reports, Mr Simpson s agreement with administrators snatched the Peacocks brand from under the nose of Sports Direct tycoon Mike Ashley.
The consortium of international backers are primarily based in Dubai, where former owner Mr Day lives, though he will have no control of the retailer.
Peacocks has been bought out of administration by chief operating officer Steve Simpson. The announcement will see Mr Simpson take over the business, saving 200 stores, which he hopes to reopen once lockdown restrictions ease. There are several stores across south west London which include Merton and Sutton. The chain was part of retail mogul Philip Day’s Edinburgh Woollen Mill (EWM) fashion empire which collapsed in November last year. Mr Day was the biggest creditor of Peacocks and is owed money by the business he once owned. Stock Administrators FRP negotiated a deal with him by signing a deferred loan agreement between a consortium of investors and the businessman which will eventually see him get his money out of the company.
Mr Day was the biggest creditor of Peacocks and is owed money by the business he once owned.
Administrators FRP negotiated a deal with him by signing a deferred loan agreement between a consortium of investors and the businessman which will eventually see him get his money out of the company.
The consortium of international backers are primarily based in Dubai, where Mr Day lives.
A similar deal was set in place with the EWM and Bonmarche brands, while Mr Day s other brand, Jaeger, was sold to Marks & Spencer, where it will become an online-only business.
Mr Day will not be in control of the business but hopes to recoup the cash he invested as a secured creditor through the deal.
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