// Peacocks creditors owed £70.16m
// Peacocks is the last fascia from Philip Day’s EWM Group that remains under administration
The administrators of Peacocks have revealed that the retailer’s creditors are owed just over £70 million.
According to a notice of administrators’ proposals report from FRP Advisory, as of January 11, Peacocks’ unsecured creditors – including suppliers and landlords – were owed £70.16 million.
Peacocks is the last remaining fascia from Philip Day’s Edinburgh Woollen Mill (EWM) Group that is still under administration.
READ MORE:
- Edinburgh Woollen Mill, Ponden Home & Bonmarche saved in deal protecting 1984 jobs
- 233 job cuts as M&S finalises Jaeger deal
- Edinburgh Woollen Mill: What went wrong?
EWM Group had filed for administration in November.
FRP Advisory was appointed administrators for EWM Group’s main fascias Ponden Home, Jaeger, Peacocks, Edinburgh Woollen Mill and all their associated subsidiaries.
Separate administrators from RSM were appointed to oversea the insolvency process for Bonmarche, which was also owned by Day.
Just last week, Edinburgh Woollen Mill, Ponden Home, Bonmarche were rescued from administration in a complex deal with investment consortium Purepay Retail.
While most of its stores and jobs were protected, 119 shops would permanently shut, affecting around 500 staff.
For Bonmarche on its own, 72 stores are protected under the Purepau Retail deal while the remaining 148 shops will have their options reviewed prior to the lifting of the current lockdown.
On the other hand, Jaeger was bought out by M&S, but the deal did not include Jaeger’s shops and resulted in 233 redundancies.
Click here to sign up to Retail Gazette’s free daily email newsletter
45 Comments. Leave new
As far as I am aware it still is, then again they are so sneaky, so who knows
When will the people on furlough hear anything about their jobs. From the administrator RIGHT SHIT PLACE TO WORK FOR.DAY ONLY BOUGHT 45M OF the debt 2 months ago.
any news
a deal has been done.
About 2 days ..head office has already changed to the old jaeger head office …
how do u know that??
Companies house
see there closing stores now.,
How do you know this?
People I know were made redundant on Wednesday
same with me,i feel for them,i hope they are kept on furlough.
Don’t think the are as there’s no job for them to return to. The waiting game is so awful now.
Tina I work in peacocks warehouse I have been on furlough since 1st lockdown not nice not knowing what’s happening. Is all up to administrator now.
Peacocks might not be purchased. I can’t think who would invest in it enough for it to compete with Primark and online retailers.
Well if in jaeger’s head office so I guess our old owners.
Hi Sam I am a store manager for peacocks and it’s definitely been hard going… hopefully we will get more information soon…
Just hope so Tina. Just been let to rot in lockdown it feels like.
Bless it must be awful for you… at least I’ve been back in store…
Its says it still at Frp address still on companies house
Changed twice in 2 days
some stores have now been closed for good
last week a few closed
There is a rumor going around that the deal is already done. No idea if this is true but if it is I’m sure Day will be lurking in the background and ex senior management involved.
Do you mean a deal has been done for peacocks?
We was given the call on Thursday last week to say our shop was closing permanently. We all had to go in to start emptying our peacocks store the next day not even a full days notice!!
So sad and frustrating. I understand we are in administration but surely a bit more notice would have been nice.
i so sorry to hear that, i just a waiting game now. people that i know are scared incase they get the call.either way i would like know if im staying or going
Wish you all the best for you and your team… Really hope the rest of us hear something soon x
if the rumors are correct, i wonder when it will get announced, and i also wonder if there will be any closures.
Been off for so long now that I am expecting something one way or another. Just sad that this pandemic has come to this a lot of job losses.
£70million debt! Pity Day took £99million out of Peacocks in 2019 he could easily have got through this year if he had chose to. It’s all legal but immoral
How is this even legal? Peacocks only hope of survival is a fresh buyer who needs to invest in the brand desperately Philip Day is not that man.
Our manager in north east store got a phonecall last week to say our store would be closing on 5th Feb. We got all our stock in tubs on the 8th & 9th Feb. 2 vans came to pick up stock on the 10th.. got an email on the 11th to say we were redundant.
Thinking of everyone in this position at this sad time.
My store in London has now been closed, same story, got a call one days notice to go and empty the store last day was Friday so I’m expecting my redundancy notice, I’m seeing that the redundancy procedures are not being followed correctly and staff are adding there names to the list for the legal battle.
Hope you and all your team find something soon. It’s not knowing if you are next or not. I’d rather just know now.
I had the misfortune of working at Peacocks head office for a few years. A completely toxic working environment with two management teams (Peacocks & EWM) who completely despised each other.
As predicted received my email of redundancy today. Is this even legal? I’m reading that the correct consultations are not being followed hence why there is a court case.
Sorry to hear that you have lost your job cannot see why you cannot sign up with the firm to see if you cannot get any compensation that way. Peacocks has always been a poor company to work for. All the best for your future.
The guy is a con man and is killing the brand…let’s hope he don’t get to buy back peacocks and they find a buyer to move the business forward..
i wonder if there has been a deal done now..?
Be the last to know if it has. THAT’S THE PEACOCKS WAY
How long before Day’s ‘management team’ buys back the business minus all of its debt?
Louise you are so totally right that’s most probably how he got rich in the first place . Got absolutely no time for people like him . All the lovely girls I worked beside are all devastated at the way we were treated . Good luck to those whose jobs have been saved just hope it’s not a disguised Day .
I bet Philip Day is devastated that you’ve got no time for him.
Worked there (head office) since before Day owned it. It transformed after he bought it – awful, toxic atmosphere. Day’s henchman SS quite happy to call people C’s. Day has a habit of vanishing his debt whilst sacrificing everyday working people. He did it with Jane Norman (though that didn’t pan out in the end). He did it with EWM, which he basically still controls through the new buyers. He’ll do it with Peacocks. All EWM senior management should be struck off as directors.
Anybody know anything about peacocks is it still in administration
Sick to death of Philip Day Empire . They owe money and treat their staff poorly . Made redundant but never heard from them just the papers . Fourteen years and they treat you like you are nothing . He has 1.5 billion and owes millions he deserves to be jailed . People with that kind of money get away with everything and of course the crook will buy it all back under a new name . Hope he gets his comeuppance one day
any news if the brand has been saved??