// Frasers Group warns Peacocks, Jaeger & Edinburgh Woollen Mill administrators they should avoid giving a preferential deal to former owners
// Peacocks & Jaeger entered administration last week, putting over 4500 jobs at risk
// EWM went into administration earlier this month alongside Ponden Home, putting 2800 jobs at risk
// The brands are owned by Edinburgh Woollen Mill Group, which in turn is owned by Philip Day
Mike Ashley’s Frasers Group has reportedly warned administrators to Peacocks, Jaeger and Edinburgh Woollen Mill that they should avoid giving a preferential deal to former owners,
Peacocks and Jaeger – owned by Edinburgh Woollen Mill Group (EWM Group) – entered administration this week, putting over 4500 jobs at risk, while Edinburgh Woollen Mill went into administration earlier this month alongside the Ponden Home chain, putting 2800 jobs at risk.
EWM Group is owned by Dubai-based businessman Philip Day.
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- Edinburgh Woollen Mill: What went wrong?
Frasers Group said its attempts to discuss acquiring EWM Group’s stable of retailers had been rebuffed.
Ashley’s firm – which owns House of Fraser, Sports Direct, Jack Wills, Evans Cycles and more – said it has followed up with interest daily via email and calls asking for updates and information but has been “met with delays and absolute refusals”, Financial Times reported.
“We understand, through [administrators] FRP, that EWM’s management are flatly refusing to provide details,” Frasers Group said.
The firm said it had instructed lawyers to “remind” FRP Advisory of “their obligations to run a fair and transparent process”.
Meanwhile, FRP Advisory said it was “well aware of our duties as independent officers of the court, take them extremely seriously and are committed to running fair, transparent and open processes”.
Day indicated in the past that he had dropped plans to buy back any of the brands himself, but it was still possible that individual management teams may do so.
Frasers Group said it believed that by expressing its objections to the way the process had been dealt with, it had delayed an “inevitable” sale to acquirers.
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9 Comments. Leave new
Watch this space !!
What do you know?
Mr Ashley, you cannot make an offer on these businesses as the pre pack has already been done. Covid has just enhanced the deal .
How do you know the prepack has been done?
Probably because Philip Day has done this on previous occasions….check out Bon Marche….he and his company are a pack of thieving vultures.
Well said…..Covid19 has been the perfect excuse for Philip Day and his pack of vultures….thousands of staff left in limbo while he lords it up in Switzerland !!
Couldn’t agree more speaking as one of them staff members
I’m one of them staff members and we haven’t been told if we are opening on the 2nd we are always the last to know everything, and tbh they should be communicate with us
As one of “those staff” myself u shud be greatfull hes doin all he can .. heard the expression dont shit wer u eat??.. wen theres something to know wel know..