// Philip Day appoints FRP to begin hunt for potential buyers for Peacocks
// Day may sell off raft of brands after receiving interest from Chinese investors
High street veteran Philip Day has reportedly appointed FRP to sound out potential buyers for Peacocks.
The adviser is to provide market intelligence on the business value of the Peacocks store chain, which means it is an exploratory process.
A source close to the process told Retail Gazette that this is a valuation process for Peacocks, and not a sales process.
However, The Sunday Times reported that FRP is believed to have asked for offers in by last Friday for the two retailers, which combined operate over 740 stores.
If anything follows from this process, it would happen on a straightforward solvent basis.
Edinburgh Woollen Mill Group is Day’s holding company for two core brands, Edinburgh Woollen Mill and Peacocks, which is franchised internationally.
Peacocks operates from 550 stores and concessions and has 11,000 team members.
The EWM Group also includes a number of heritage labels, such as Jaegar and Austin Reed.
At the start of September, EWM Group reported that it had seen interest come through for some of its brands from international strategic investors – including parties based in China.
A source close to the situation at the time said there was no suggestion that Day was examining a sale of a stake in the wider EWM Group.