Edinburgh's woollen mill saved, hundreds of jobs and almost 250 shops saved
Wednesday, January 13, 2021
The owner of Edinburgh's Woollen Mill secured the deal to save the brand and its sister company Ponden Homes from total disincarnation after it fell into administration last year.
Philip Day's Jaeger will be acquired by Marks & Spencer in a separate deal as the supermarket tycoon's deal with Middle East investors nears completion.
Purepay bought all remaining chains, and also took over the headquarters and distribution company in Carlisle.
In all, 64 stores - including 56 Edinburgh Woollen Mill and eight Ponden Homes - have been shut permanently.
Philip Day's Edinburgh Woollen Mill Group had a brand stable which includes Jaeger and budget clothing distributor Peacocks.
Tony Wright, co-trustee and Partner for FRP 'We have extensively marketed these businesses for sale and this transaction provides the best chance to save stores and jobs, but also meet our own statutory obligations to creditors.
Purepay will be the secured creditor of the Company, and Philip Day will remain a secured creditor, even though the Purepay deal signals the end of day's control over the companies.
The remaining 328 EEMM and 65 Ponden Home businesses continued trading, with Covid 19 constraints allowing while a buyer was searched.