Thu, 23 Feb 2012 | BUSINESS SALE
High street retail brand, Peacocks, has been bought from administration by Edinburgh Woollen Mill (EWM).
The deal will enable EWM to focus on growth from the advantageous point of an already established, countrywide chain, with a clear customer base. The company’s chairman and chief executive, Philip Day, said that he was looking forward to turning around the Peacocks brand.
“As you can imagine, there will be a considerable amount of work to undertake over the next few months to stabilise the situation, turn this business around, get the supply chain moving again and excite the customers with great products,” he said.
The deal has seen the immediate closure of 224 stores and the loss of 3,100 jobs, but it has also secured the future of 338 stores, 57 concessions, three distribution centres and the head office in Cardiff, saving more than 6,000 jobs.
Peacocks entered administration in January this year, as reported in the Business Sale Report, after it was unable to restructure a key £240 million part of its total £750 million debt, and an attempt at securing a pre-pack administration failed. KPMG’s Chris Laverty, who was one of the administrators assigned to carry out the search for a buyer or buyers, said that the purchase presented a lucrative opportunity for EWM.
“It’s taking advantage of a great high street name, a very loyal customer following and great, committed employees,” he said.
This unique and renowned freehold bar and restaurant in the heart of York City Centre offers over 250 covers across its spacious interior, pavement seating, and a rare rooftop terrace.
FREEHOLD
A well established and strongly profitable engineering business, located in the Midlands. The company will be an attractive acquisition for both a larger trade buyer and also those looking for a stable engineering business.
This European pharmacy manufacturer specialises in providing custom clinical trial batches for leading pharmacy companies across the continent, playing a crucial role in their R&D efforts.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.