Peacocks looks set to emerge from administration, potentially saving around 200 stores and 2,000 jobs, thanks to a management-led rescue deal.
Steve Simpson, Edinburgh Woollen Mill Group’s (EWM) former chief operating officer, backed by an an international investment consortium, are to buy out the discount clothing retailer, which collapsed last November.
Peacock’s former owner, the private investment group EVM, has agreed to support the bid negotiated by Peacocks’ administrator FRP and will provide a deferred loan to the consortium.
Billionaire Philip Day, which operates EVM and is the biggest secured creditor of Peacocks, looks set to recoup the money he is owed in time. However, according to reports, £70 million is still owed to unsecured creditors, including suppliers and landlords. They may still miss out.
Prior to going into administration, Peacocks operated 423 stores, with a workforce of 4,369.