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EWM Group COO Steve Simpson buys Peacocks out of administration
06 Apr 21 1 min read
Collapsed UK fashion retailer Peacocks has been bought out of administration by Edinburgh Woollen Mill Group’s (EWM) chief operating officer (COO) Steve Simpson with backing from an international consortium, it was announced recently. The takeover will save 2,000 jobs and 200 stores, which Simpson hopes to reopen once lockdown restrictions on non-essential retailers ease.
Peacocks was part of the Philip Day-owned EWM fashion retail empire which collapsed in November last year.
The new owner will pick up the £70million tab owed to unsecured creditors – including suppliers and landlords, UK media reported.
EWM, Ponden Home and Bonmarche were rescued from administration in early January in a complex deal with investment consortium Purepay Retail.
Peacocks was part of the Philip Day-owned EWM fashion retail empire which collapsed in November last year.
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The new owner will pick up the £70million tab owed to unsecured creditors – including suppliers and landlords, UK media reported.
EWM, Ponden Home and Bonmarche were rescued from administration in early January in a complex deal with investment consortium Purepay Retail.
Fibre2Fashion News Desk (DS)
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