Administrators have reached agreement for the sale of Edinburgh Woollen Mill, Ponden Mill and Bonmarche. This will, it is understood, save around 2500 jobs and keep 300 stores open. The buyers are a consortium of international investors who will back the business which will continue to be led by its existing management team. It has been suggested that Phillip Day is lending the group the funds to buy the businesses.
“We regret that not all of Edinburgh Woollen Mill and Ponden Home could be rescued, ” commented Tony Wright, partner, FRP. “This has resulted in in a significant number of redundancies at a particularly challenging time of the year and period of economic uncertainty.”