Fashion retailer Peacocks has been bought out of administration by an international investment consortium backed by Edinburgh Woollen Mill’s chief operating officer Steve Simpson.
The deal should save up to 200 stores and about 2,000 jobs, while no job losses are planned as a result of the move.
Simpson and the consortium of international investors have agreed to provide sufficient working capital to enable the business to emerge from administration. As leading secured creditor, Edinburgh Woollen Mill (EWM) Group has agreed to utilise its security and provide a deferred loan to the consortium.
In a statement, EWM Group said it is pleased to have come to this agreement with FRP and the investment consortium and believes that Peacocks will have every opportunity to flourish under its new ownership.
Peacocks collapsed into administration in November alongside parent company EWM Group’s Jaeger fashion chain after the company failed to secure a solvent sale of both businesses.
UK retailer Marks & Spencer bought the Jaeger brand out of administration for an undisclosed sum in January.