// 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.
READ MORE:
- Edinburgh Woollen Mill: What went wrong?
- 4700 jobs at risk as Peacocks and Jaeger fall into administration
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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