Management buyout bid for Peacocks could save 4908 jobs

Peacocks FRP Advisory administration
Peacocks went into administration last month, putting over 4700 jobs at risk
// Management buyout bid submitted for Peacocks
// The retailer fell into administration in November
// If the bid is successful, it can save a total of 4908 jobs

Edinburgh Woollen Mill Group’s head of ecommerce Josh Lowes has submitted a management buyout bid for Peacocks to its administrators FRP Advisory, in conjunction with a private investor.

Peacocks went into administration last month, putting over 4700 jobs at risk and a total of 500 shops at risk of permanent closure.

If the bid is successful, it can save a total of 4908 jobs from redundancy.


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The MBO proposal from private investor Phoenix Wales sets out to buy the full company including stores, and says it would focus on strengthening Peacocks’ digital offering.

The MBO is separate from any backing from the existing structure of Peacocks and EWM Group, which is owned by Philip Day.

Peacocks is based in Cardiff and has 470 stores and concessions in the UK.

The MBO proposal states that it will keep operations in the South Wales area.

The retailers’ owner Edinburgh Woollen Mill Group (EWM Group) passed a deadline to find a buyer for the fashion chains on November 17.

Tony Wright and Alastair Massey, partners at business advisory firm FRP, were appointed as joint administrators following efforts by management to secure a solvent sale of both businesses.

No redundancies or store closures have been made on appointment.

In September, it was revealed that Day had appointed FRP advisory to sound out potential buyers for Peacocks.

It confirmed at the time that this was a valuation process for Peacocks, and not a sales process.

However, it October, EWM Group said accusations from the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) about unpaid bills had jeopardised Peacocks’ investment.

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15 COMMENTS

  1. I can’t help wondering the identity of private investors behind Josh Lowes proposed MBO? Absolutely marvellous if it saves the jobs, though.

  2. No mention of the staff that had a email on 24th November saying we are ending your contract as of today we are sorry we cannot pay you moneys owed or your redundancy you now have to claim it from the government

  3. Ive worked for the company 17yrs and ive been made redundant. I was furloughed for 7 month’s to be then told my job no longer exists. I was expected to work 12 weeks notice. I worked 3 days to be told again i was back on furloughed for the remainder of my notice. Then a week after I received an email to say my contract had been terminated with immediate effect. I was told to apply for my redundancy, which is laughable , and the 27 days holiday plus the 3 shifts i worked. Absolutely heartless of people to treat others like myself and 2 of my colleagues who themselves worked for the company 12+ years to be treated like dirt

    • Oh, Michelle, your experiences with this company are awful! I am so sorry that you and your colleagues have been treated in this scandalous way. I can only wish you well for the future and hope that Christmas brings you some cheer despite all that has happened.

  4. I Been with the company Peacocks for 24 years was made redundant on the 24th I just feel like I’ve been kicked to the curb they talk about they have a closing the store was a big fat lie I feel like I’ve been treated like dirt to after Working all these years I’m not received any long service award

  5. Michelle, you would have already been through this process in 2012 so I’m not understanding how this is a total surprise for you? You would have been present for the rapid rise and sudden fall of Richard Kirks Peacocks and you would have been present for the difficult trading conditions that EWM have suffered since the purchase. To say you are treated badly when they have been paying your wages for 17 years solid is nonsense. It’s a business not a charity. I’ve worked in retail 30+ years and seen with my own eyes how the queues at Christmas get smaller and smaller each year.

    • Your comments are harsh to my mind. Michelle and all staff have every right to be paid, and well, in a very hard sector. No way should they feel content now just because they have been paid in the past! Staff also have the right to be treated fairly. Good companies treat their staff as ‘stakeholders’ in the business and, with Government support in recent times, continue to do so. It is the Rhino Leaders of Retail (with thick skins!) who are selfish and greedy who are happy to run off with their £ millions and leave the ordinary folk to suffer.

  6. If Steve Simpson or Philip Day are behind the private backing then this poor company will be run into the ground again. It’s also worth noting that Josh says he’ll focus on e-commerc however he’s been at the helm for 5 years in e-commerce and it’s been poor. Peacocks is a great company that’s had no investment and poor treatment continually of its staff. It needs new investment and a new direction from someone who has never had any connection.

    • The billionaire Philip Day living in Dubai paying no tax is as bad as Philip Green. Both truly awful to work for and shaft landlords, staff and pensioners at the drop of a hat. A truly awful way to manage a business, care about profit only and not people.

  7. Michelle I feel for you at this time I asked for redundancy but I have not heard a thing from them we both know how bad a company we worked for this is the peacocks way and always will be.

  8. Also made redundant on 24th nov so not sure why all were rushed to redundancy when could have been furloughed until March 2021.so what is the total number of redundancies made in peacocks since March this year and how to explain remaining staff overtime to cover lost staff

  9. Redundancies were made because the people on furlough were never going back 5o work but if they had been made redundant Philip Day would have had to put his hand in his pocket.. This way the government has to pay. The administers took one look at it and knew people shouldn’t have been put back onto furlough. Now he had the opportunity to buy his business back debt free and all his redundancies have been paid for him. The man’s not daft. Hhh a job in a. Different branch. These people shouldn’t have been put back on furlough. They had no job to be furloughed from
    It’s always Philip Green that gets the bad press people need to look at Philip Day.

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