Peacocks rescued by new buyer - 2,000 jobs and 200 stores set to be saved

By Group Reporter
Published 6th Apr 2021, 10:46 BST
Peacocks in Littlehampton, West Sussex (Shutterstock / AVM Images)Peacocks in Littlehampton, West Sussex (Shutterstock / AVM Images)
Peacocks in Littlehampton, West Sussex (Shutterstock / AVM Images)

A takeover of collapsed fashion chain Peacocks is set to save 2,000 jobs and 200 stores - which it is hoped will reopen once lockdown restrictions are eased.

Chief operating officer Steve Simpson, with the backing of an international consortium, will take over the business, it has been announced.

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The chain was part of retail mogul Philip Day's Edinburgh Woollen Mill (EWM) fashion empire which collapsed in November last year.

Mr Day was the biggest creditor of Peacocks and is owed money by the business he once owned.

Administrators FRP negotiated a deal with him by signing a deferred loan agreement between a consortium of investors and the businessman which will eventually see him get his money out of the company.

Who are the international investors?