Retail tycoon Philip Day secures deal to save Edinburgh Woollen Mill’s future
Billionaire businessman Philip Day has reportedly secured a deal with overseas investors to rescue retailers Edinburgh Woollen Mill, Ponden Home and Bonmarche, in a move that could save around 2,500 jobs.
Day is expected to use his secured creditor status to acquire the brands’ assets from administrators to then sell them on to Middle Eastern investors.
The new owners are expected to prop the businesses up with cash until lockdown restrictions are eased to allow non-essential stores to reopen.
Day will use dormant Edinburgh Woollen Mill company Purepay to conduct the transaction, according to the Telegraph. Morning Wire has contacted Edinburgh Woollen Mill and administrators FRP Advisory for comment.
Marks & Spencer confirmed yesterday that it had bought high street retailer Jaeger, another part of Day’s retail business that collapsed into administration last year.
The retailer has agreed to take over the Jaeger brand, and is finalising terms to buy up stock and marketing assets.
The deal will not include any stores, and it is unclear whether any jobs will be saved.
The buyout is in line with Marks & Spencer’s third-party brand strategy, which has seen it offer additional products online in a bid to boost trading.
It has begun stocking clothing from children’s brand Nobody’s Child, as well as products from Ghost and Early Learning Centre.