Edinburgh Woollen Mills, the middle-of-the-road 278-store retailer formerly owned by Scottish-based Grampian Holdings, has been sold for £49m to Rutland Fund Management. Rutland has formed a new company, Ever 1489, to run Edinburgh Woollen Mill. Rutland would replace EWM's current CEO, Colin Birrell, reported Retail Week. Mr Birrell had hoped to lead a management buyout, but he will leave once the deal goes through. Paul Cartwright, one of the Rutland directors, said the company had a candidate in mind but would not give further details.