X

Mortgage & Property

New Insurance Professional

Family Office Bulletin

Mortgage Property

Insurance Professional

Family Office

Edinburgh Woollen Mill rescue deal agreed

(Sharecast News) – A deal to secure the future of Edinburgh Woollen Mill has been agreed, in a move that will save more than 1,300 jobs.

Purepay Retail, which is backed by a consortium of unnamed international investors, has acquired Edinburgh Woollen Mill along with Ponden Home, an interiors chain.

According to The Telegraph, former owner Philip Day has led the deal for Purepay.

A secured creditor to both businesses, Purepay will acquire all the remaining stock as well as the head office site and distribution centre in Carlisle. It will keep 246 stores open across both brands, which along with head office and distribution staff, will safeguard 1,347 roles.

However, 85 Edinburgh Woollen Mill stores and 34 Ponden Home stores have now closed permanently, with the loss of 485 jobs.

Tony Wright, joint administrator and partner at FRP, said: “With such little visibility on future trading conditions in UK retail, we regret that not all of Edinburgh Woollen Mill and Ponden Home could be rescued. This has resulted in a significant number of redundancies at a particularly challenging time of year and period of economic uncertainty.”

Edinburgh Woollen Mill and Ponden Home were part of a wide portfolio of brands owned by Day, the retail entrepreneur, which went into administration late last year, after sales were pummelled out by the Covid-19 pandemic.

Another Day-owned brand, Jaeger, is being sold to Marks & Spencer, although FRP noted that the brand remained in administration.

The BBC reported that Bonmarche, another Day-owned business, was also close to being sold. Its administrator, RSM, did not immediately respond to a request for comment.

This Week’s Most Read

  • Sir Keir Starmer in pub brawl?

    Predictions of scuffles in pubs came true today, with a landlord being ejected from his own pub by interlopers. Sir Keir Starmer had been listening

  • Class of 2021 retirees at risk of running pension pots dry

    Two thirds (66%) of 2021 retirees risk not having the pension savings to sustain their planned retirement income, according to a new report launched today

  • Sir Keir Starmer, pubs and COVID – taking the piss, not taking a piss..

    We thought you weren’t allowed into pubs these days? Incredible scenes erupted today outside the Raven Pub in Bath, as Sir Keir Starmer was confronted

  • New financial advice service from Vanguard aimed at retirement savers

    Designed for investors saving for retirement, Vanguard Personal Financial Planning launches on the award-winning Vanguard UK Personal Investor platform – vanguardinvestor.co.uk/financial-advice. The service offers personalised

  • The Coming Decade for Climate Solutions

    Randeep Somel, Fund Manager, M&G Climate Solutions Fund, is finding reasons to be cheerful as he uncovers some of the powerful drivers of change which

  • The Superbia Group commits to accountability and living its core values with the formation of a new independent ESG Advisory Board

    The Superbia Group has today signalled its intent to live its values by announcing the appointment of a new independent ESG Advisory Board. The new

  • A Positive Charge

    Ben Constable-Maxwell, Head of Impact Investing at M&G Investments, is one of the driving forces behind the move to integrate ESG, sustainability and impact investing

  • Advice firm highlights how growing reputation boosts referrals amid pandemic

    National financial advice firm, Tenet&You, which opened its new offices at Haddington in December last year, has reported an increase in new business since the

  • A SPAC-tacular surge

    Written by Christopher Butcher, Momentum Global Investment Management During a period of extreme volatility and a global pandemic, the initial public offering (IPO) market had

  • Climate action and quality education are top priorities for sustainable investors

    Tribe Impact Capital aligns all its investments for its clients with the UN SDGs using its unique ImpactDNATM process 69% of all clients consider Climate

IFA Magazine

Keep updated on the most important financial events 

Make sure you are an informed

wealth professional..

Adblock Blocker

We have detected that you are using

adblocking plugin in your browser. 

IFA Magazine