Private Investment Group, EWM Group has agreed to support a big by an international investment consortium to buy Peacocks out of administration.
The bid is led by Steve Simpson, the Chief Operating Officer of Edinburgh Woollen Mill (EWM), backed by a consortium of International investors, who have agreed to provide sufficient working capital to enable the business to emerge from administration. As leading secured creditor, EWM Group has in agreed to utilise its security and provide a deferred loan to the consortium.
The transaction, negotiated by FRP, Peacock’s administrator, will provide another chance for Peacocks Stores, which was placed in administration last November due to the devastating effects of the Covid-19 lockdown on the business. The Peacocks’ management team hope that, with the support of their partners, suppliers and landlords, they will be able to reopen up to 200 stores when the lockdown rules ease and protect approximately 2,000 jobs.
The Company hopes that all 1,850 store staff currently on furlough will be able to return to work once stores reopen, along with more than 150 colleagues in head office and support. No job losses are planned as a result of the deal.
