Thu, 23 Feb 2012 | BUSINESS SALE
High street retail brand, Peacocks, has been bought from administration by Edinburgh Woollen Mill (EWM).
The deal will enable EWM to focus on growth from the advantageous point of an already established, countrywide chain, with a clear customer base. The company’s chairman and chief executive, Philip Day, said that he was looking forward to turning around the Peacocks brand.
“As you can imagine, there will be a considerable amount of work to undertake over the next few months to stabilise the situation, turn this business around, get the supply chain moving again and excite the customers with great products,” he said.
The deal has seen the immediate closure of 224 stores and the loss of 3,100 jobs, but it has also secured the future of 338 stores, 57 concessions, three distribution centres and the head office in Cardiff, saving more than 6,000 jobs.
Peacocks entered administration in January this year, as reported in the Business Sale Report, after it was unable to restructure a key £240 million part of its total £750 million debt, and an attempt at securing a pre-pack administration failed. KPMG’s Chris Laverty, who was one of the administrators assigned to carry out the search for a buyer or buyers, said that the purchase presented a lucrative opportunity for EWM.
“It’s taking advantage of a great high street name, a very loyal customer following and great, committed employees,” he said.
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