British discount clothing chain Peacocks has been bought out of administration by Steve Simpson, the chief operating officer of Edinburgh Woollen Mill, backed by a consortium of international investors, saving about 2,000 jobs.
Peacocks fell into administration in November, blaming the impact of the COVID-19 pandemic.
EWM Group, the private investment group controlled by the family of Philip Day and Peacocks’ leading secured creditor, said on Tuesday it was supporting Simpson’s bid, providing a deferred loan to the consortium.
Simpson hopes to reopen up to 200 Peacocks stores when lockdown rules ease. Prior to the administration it traded from 423 stores with a staff of 4,369, Reuters reported.
Some 1,850 store staff are currently on furlough.
The transaction was negotiated by FRP, Peacocks’ administrator. No further financial details were disclosed.