High street retail chain Peacocks has been rescued from administration after being bought by an investment consortium, saving around 2,000 jobs.
Edinburgh Woollen Mill Group, the retail empire owned by billionaire businessman Philip Day, has agreed to support the sale of its high street brand.
EWM Group said it had backed a bid by an international investment consortium, led by Edinburgh Woollen Mill COO Steve Simpson, to rescue the retailer from administration.
The consortium has agreed to provide capital for the business to emerge from administration, while EWM Group, as a leading secured creditor, has agreed to provide a loan to the investors.
A spokesperson for EWM Group declined to specify the value of the deal or the other members of the investment consortium.
The transaction, negotiated by Peacocks’ administrator FRP, is expected to save 200 of its more than 400 stores, 1,850 store staff and 150 head office jobs.
Sky News reported that the deal will mark the end of Day’s direct involvement in the UK high street.
He placed his retail empire into administration last year due to the impact of coronavirus restrictions, and is now expected to focus on interests outside of the retail sector.