The chains, part of the Edinburgh Woollen Mill Group controlled by the billionaire Philip Day, collapsed last year as Covid-19 restrictions led to financial difficulties. Other major brands including Topshop-owner Arcadia and Debenhams have also gone into administration, costing hundreds of jobs. Viral. Home News The owner of Edinburgh Woollen Mill (EWM) has secured a deal to rescue the brand and its sister business Ponden Homes – in a move securing the … Joe Biden and the special relationship: What America's new president means for the UK and Brexit, Properties for sale in Edinburgh and Lothian, Hatchback cars for sale in Edinburgh and Lothian, Properties for rent in Edinburgh and Lothian, Cars with Bluetooth for sale in Edinburgh, Joe Biden will be sworn in as the 46th President of the United States later today, Donald Trump has granted 73 pardons and commuted 70 prison sentences in his final day as president, Boris Johnson has narrowly won a vote allowing the UK to strike trade deals with countries that are committing genocide, Parts of the UK could experience two months of rain in under three days as Storm Christoph arrives, The government will invest £148m to tackle drug addiction and organised crime, The Premier League is investigating Robert Snodgrass’ transfer to West Brom after he wasn’t allowed to play against West Ham last night, Forgot your password? Info Daily News. … Daily News. Edinburgh Woollen Mill, owner of the Peacocks and Jaeger clothing brands, says it plans to appoint administrators in an attempt to save the business. The deal will rescue Dubai-based British billionaire Philip Day’s EWM Group which has four Edinburgh Woollen Mill stores in the region - two in Perth, one in Blairgowrie and another in Pitlochry. The new owners plan to operate 246 stores across both the Edinburgh Woollen Mill and Ponden Home brands, retaining 1,453 staff in those stores, the head office and distribution centres in Carlisle. The high street has faced a double blow since coronavirus restrictions added to the pressure already being exerted by changing shopping habits as customers turn to online retail. However, 85 Edinburgh Woollen Mill and 34 Ponden Home stores have been permanently closed as part of the agreement. The stricken retailers have been acquired by Purepay Retail, a consortium of international investors reportedly led by Edinburgh Woollen … Administrators complete sale of Edinburgh Woollen Mill, Edinburgh Woollen Mill saved in deal that will protect 1,453 jobs and save 246 stores from, Jobs saved as administrators sell EWM and Ponden Home, Edinburgh Woollen Mill brand rescued - but too late for hundreds of shopworkers, Jobs and stores rescued in deal to buy retail group from administrators, Edinburgh Woollen Mill stores and staff saved in rescue deals, Edinburgh Woollen Mill rescue deal agreed, Edinburgh Woollen Mill rescued in deal saving hundreds of jobs, Edinburgh Woollen Mill rescue saves 1,453 jobs, Jobs to be saved as firm accepts investors' bid, Edinburgh Woollen Mill rescue deal agreed - report, Edinburgh Woollen Mill close to potential rescue deal, Retail tycoon Philip Day secures deal to rescue Edinburgh Woollen Mill, Edinburgh Woollen Mill rescue to save 2,500 jobs, Marks & Spencer buys collapsed fashion brand Jaeger, EWM administrators quiet on ‘jobs saved’ claims, The Monday Briefing: Edinburgh Woollen Mill and record closures, Edinburgh Woollen Mill issues sale contracts to potential buyer, Staff say goodbye as Andover Edinburgh Woollen Mill is emptied, Lifeline for hundreds of Edinburgh Woollen Mill jobs, Revealed: Extent of Edinburgh Woollen Mill debt following administration, M&S closing in on deal to buy fashion brand Jaeger from struggling Edinburgh Woollen Mill Group, reports say, Edinburgh Woollen Mill enters administration with £17.5m pension deficit, Edinburgh Woollen Mill owes creditors over £190m, Edinburgh Woollen Mill creditors owed £192m, Edinburgh Woollen Mill went bust owing £17.5m to defined benefit pension scheme. 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The frontage of an Edinburgh Woollen Mill clothes shop in the UK (Source: Getty) Collapsed retail giants The Edinburgh Woollen Mill Limited (which owns The Edinburgh Woollen Mill) and Duvetco Limited (which controls Ponden Home) have been saved from administration by an international investor consortium, according to the joint administrators at advisory firm FRP. ... Latest News… You can unsubscribe whenever you want. By City & Finance Reporter for the Daily Mail. Days department stores will contain a number of EWM brands. The owner of Edinburgh Woollen Mill has secured a deal to rescue the brand from disappearing for good after it crashed into administration last year. For the very latest UK news, with sport, health, science, covid. Contributor. Please try different keywords. Edinburgh Woollen Mill rescue saves 1,453 jobs. Ponden Home store in Melton (Image: Google) “The remaining 85 Edinburgh Woollen Mill stores and 34 Ponden Home stores have been permanently closed. Edinburgh Woollen Mill went into administration owing more than £50m to creditors, including a £17.5m hole in its defined benefit pension scheme, new documents reveal. Edinburgh Woollen Mill, Bonmarché and Ponden Home have been bought out of administration, safeguarding almost 2,000 jobs. Philip Day lost out to Mike Ashley in acquiring House of Fraser out of administration in 2018. Another sister brand to EWM, fashion chain Peacocks, remains in … On Monday, Marks & Spencer announced it was buying Jaeger, another brand that had belonged to Philip Day's portfolio. The company’s directors were therefore making the “desperately difficult decision” to place the firms in administration as talks continue in a bid to find buyers. A closed branch of The Edinburgh Woollen Mill in Edinburgh on October 9. Sorry, no headlines or news topics were found. The high street retailers Edinburgh Woollen Mill, Ponden Home and Bonmarché have been bought out of administration in a rescue deal, which will save almost 2,500 jobs and 300 stores. Free UK Returns . Retailer Edinburgh Woollen Mill has been bought out of administration in a deal that saves 1,453 jobs and 246 stores. Retail chains Edinburgh Woollen Mill, Ponden Home and Bonmarché have been saved from administration, in a move that will protect 2,000 high street jobs. Administrators say the deal is the best chance to save stores but the collapse leaves more than 1,300 out of work. Philip Day’s Edinburgh Woollen Mill Limited, which also includes the Country Casuals chain, collapsed into administration on 5 November. By Ashleigh Webber on 13 Jan 2021 in Retail, Insolvency, Latest News, Mergers and acquisitions, TUPE. .css-1hlxxic-PromoLink:link{color:inherit;}.css-1hlxxic-PromoLink:visited{color:#696969;}.css-1hlxxic-PromoLink:link,.css-1hlxxic-PromoLink:visited{-webkit-text-decoration:none;text-decoration:none;}.css-1hlxxic-PromoLink:link:hover,.css-1hlxxic-PromoLink:visited:hover,.css-1hlxxic-PromoLink:link:focus,.css-1hlxxic-PromoLink:visited:focus{color:#B80000;-webkit-text-decoration:underline;text-decoration:underline;}.css-1hlxxic-PromoLink:link::after,.css-1hlxxic-PromoLink:visited::after{content:'';position:absolute;top:0;right:0;bottom:0;left:0;z-index:2;}Retail sales in 2020 'worst for 25 years', Marks & Spencer snaps up Jaeger fashion brand, Edinburgh Woollen Mill collapse puts jobs at risk, Paperchase on the brink of administration, 'Worst year for High Street job losses in 25 years', Trump includes ex-aide Bannon in swathe of pardons. Stay informed. Another sister brand to EWM, fashion chain Peacocks, remains in … Click here to sign-in and subscribe via a link sent to your email. … Retailer Edinburgh Woollen Mill has been bought out of administration in a deal that saves 1,453 jobs and 246 stores. About 2,500 jobs and 300 stores could be saved in the businesses combined. Carlisle-based Edinburgh Woollen Mill has accepted a rescue deal along with Ponden Homes and Bonmarché. Search. Subscribe to our email alert of the day's top stories from the UK and around the world. VideoBiden's Iran nuclear challenge, French students protest at Covid mental health toll. We don't have an account for this email address. More. It was founded in 1947 and is now wholly owned by Dubai-based billionaire Philip Day. High Street fashion giant Edinburgh Woollen Mill Group, which owns Peacocks and Jaeger, is on the brink of collapse after it filed a notice to appoint administrators, affecting 24,000 workers. British retailers Edinburgh Woollen Mill and Ponden Home, owned by businessman Philip Day's EWM Group, have been rescued and sold to a consortium of international investors, saving 1,453 … "The backers of this rescue deal clearly believe there is pent-up demand amongst core customers which will be released once the doors are flung open once more," she added. Menu . 12 January 2021, 6:46 am. More. Retail has been particularly hard hit by measures to curb the spread of Covid-19. … Two of the four brands in high street clothing chain Edinburgh Woollen Mill’s (EWM) stable have fallen into administration with 866 jobs gone and a further 1,821 jobs under threat. The BBC is not responsible for the content of external sites. The Edinburgh Woollen Mill Group also owns retailers Jane Norman, Peacocks, Austin Reed and Jaeger. "We regret that not all of Edinburgh Woollen Mill and Ponden Home could be rescued," said Tony Wright, partner at FRP. Uk News today – Up to date News, NHS, Health, Sport, Science. Edinburgh Woollen Mill (EWM), Ponden Homes and Bonmarché administrators have struck a deal with international investors to save up to 2500 jobs and 300 stores. Please ensure your password has at least 8 characters, an uppercase and a lowercase letter, and a number or symbol. A deal has been agreed for the sale of the Edinburgh Woollen Mill, Ponden Home and Bonmarché chains, which were on the brink of closure. By clicking 'Sign in and Subscribe' you agree to us subscribing you to our newsletter in accordance with our Privacy Policy and Legal Notice.Emails, which may be sent daily or less frequently, may include marketing elements. British retailers Edinburgh Woollen Mill and Ponden Home, owned by businessman Philip Day's EWM Group, have been rescued and sold to a consortium of international investors, saving 1,453 … The Edinburgh Woollen Mill Group also owns retailers Jane Norman, Peacocks, Austin Reed and Jaeger. Please check you have typed it correctly. However, 85 Edinburgh Woollen Mill stores and 34 Ponden Home stores have been closed permanently, with the loss of 485 jobs. The joint administrators to clothing retailer The Edinburgh Woollen Mill and sister brand Duvetco Limited (Ponden Home) have completed the sale of the businesses to Purepay Retail Limited - securing some 1,453 jobs and the future of 246 stores. The businesses went into administration last year after a collapse in sales due to the pandemic. Administrators say the deal is the best chance to save stores but the collapse leaves more than 1,300 out of work. Administrators at FRP confirmed 246 stores will be saved by Purepay Retail, which is controlled by former owner Philip Day. 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Edinburgh Woollen Mill, which sells mid-price knitwear and other clothing to older shoppers, is part of a stable of retail brands owned by billionaire businessman, Philip Day. cookies to improve your experience and customise advertising. To see how, and to learn how to control cookies, Search. Even when shops have been open many shoppers stayed away, wary of the health risks. January 12, 2021 3:36:11 PM. You can unsubscribe whenever you want. The group opened the first Days department store in 2017, with plans to roll out 50 more. "This has resulted in a significant number of redundancies at a particularly challenging time of year and period of economic uncertainty.". News; Business; Science and nature; Technology; Health; Covid News; NHS; Entertainment; Contact us; Search for: Watch Online. News Edinburgh Woollen Mill and Ponden Home go into administration. We are sorry, but the email address you entered does not appear to be valid. The deal means the survival of Edinburgh Woollen Mill and Ponden Home brands in a complex transaction involving a consortium of international investors. © 2021 BBC. Edinburgh Woollen Mill Group (EWM) became one of a string of retailers embarking on a major restructuring during the Covid-19 pandemic when it called in administrators in October. The rescue comes in a deal that will protect 1,453 jobs and keep 246 stores from … Edinburgh Woollen Mill secured a deal to rescue some shops but 85 will close Gazette News 20:27 13-Jan-21 Edinburgh Woollen Mill rescue deal saves 1,453 jobs and 246 stores after going into… Daily Record 15:54 13-Jan-21 Viral . Jan 12 (Reuters) - British retailers Edinburgh Woollen Mill and Ponden Home, owned by businessman Philip Day's EWM Group, have been rescued and … Edinburgh Woollen Mill on its own posted a profit after tax of £12 million for the 27-week period ending March 2, while Peacocks posted a profit after tax of £17 million. Data published Friday showed that Britain's economic recovery was stalling … Edinburgh Woollen Mill … Unsecured creditors were owed £51.6m. "Lockdowns have proved hugely damaging for mid-range fashion chains like Edinburgh Woollen Mill and Bonmarché whose traditional customer base has not adapted so quickly to online shopping as younger shoppers," said Susannah Streeter, analyst at Hargreaves Lansdown. All rights reserved. The owner of Edinburgh Woollen Mill has secured a deal to rescue the brand and its sister business Ponden Homes from disappearing for good after it crashed into administration last year. Edinburgh Woollen Mill has accepted a rescue offer which could save hundreds of high street jobs. The majority of its stores, 148 outlets, remain under review with staff on furlough. Read full article. The high street retailers Edinburgh Woollen Mill, Ponden Home and Bonmarché have been bought out of administration in a rescue deal, which will save almost 2,500 jobs and 300 stores. My Bag: UK Delivery. Primary Menu . Latest News Today. Wakefield-based Bonmarché will retain 72 of its stores and 531 staff including head office and distribution centre staff. Video, Pay-out over Starbucks 'slanty' eyes drawing, Owners of Tiger King zoo ordered to surrender cubs, Nasa finds cause of 'megarocket' test shutdown, Bali to deport influencer over Twitter thread, Wing 'clap' solves mystery of butterfly flight, Pink seesaws at US-Mexico wall win design award, Prada drops actress over alleged surrogacy row, Retail sales in 2020 worst on record, report says, Marks & Spencer announced it was buying Jaeger. Edinburgh Woollen Mill. Get the day's top headlines delivered to your inbox. Edinburgh Woollen Mill and Ponden Home collapse with 2,900 jobs at risk The fall into administration of two chains owned by retail tycoon Philip Day is the latest blow to the high street Free UK delivery on orders over £50 . Retailer Edinburgh Woollen Mill has been bought out of administration in a … The high street retailers Edinburgh Woollen Mill, Ponden Home and Bonmarché have been bought out of administration in a rescue deal, which will save almost 2,500 jobs and 300 stores. please read our, ‘No decision’ on which EWM stores are saved, Edinburgh Woollen Mill saved in deal, 1500 jobs protected, Stirling Edinburgh Woollen Mill stores saved as part of company rescue deal, Behind the deal: Philip Day 'cuts ties' with EWM, Edinburgh Woollen Mill and Ponden Home stores in Leicestershire to close permanently, Ullapool branch on Edinburgh Woollen Mill's closure list, Edinburgh Woollen Mill and Bonmarche bought out of administration, some jobs and stores saved, Edinburgh Woollen Mill jobs will be lost in Suffolk, Edinburgh Woollen Mill Group rescued but uncertainty remains for region's stores, Edinburgh Woollen Mill, Ponden Home and Bonmarché saved - along with 2,000 jobs, Edinburgh Woollen Mill and Bonmarché stores and staff saved in rescue deal, Retail group rescue package willensure the survival of shops in Inverness, Forth Augustus and John O'Groats, Retail group rescue package will ensure the survival of shops in Inverness, Fort Augustus and John O'Groats, Edinburgh Woollen Mill secured a deal to rescue some shops but 85 will close, Edinburgh Woollen Mill rescue deal saves 1,453 jobs and 246 stores after going into, Edinburgh Woollen Mill, Bonmarché and Ponden Home deal saves 2,000 jobs, Edinburgh Woollen Mill bought out of administration, some jobs and stores saved as M&S acquires, 2,000 Edinburgh Woollen Mill jobs saved in rescue deal, Edinburgh Woollen Mill saved, while Arcadia’s Outfit less lucky, Revealed: York firm owed £175,000 after collapse of Edinburgh Woollen Mill, Pringles store on Anglesey part of rescue deal for collapsed retail giant Edinburgh Woollen Mill, Edinburgh Woollen Mill rescue deal could save 2,500 jobs, Retail mogul Philip Day strikes deal to rescue Edinburgh Woollen Mill with 1,453 jobs and 246 stores saved, Retail mogul Philip Day strikes deal to rescue Edinburgh Woollen Mill, Edinburgh Woollen Mill stores and jobs saved following rescue deal, Edinburgh Woollen Mill rescue deal saves 2,500 jobs and 300 stores, Edinburgh Woollen Mill rescue deal to result in 119 store closures, Edinburgh Woollen Mill sold in rescue deal protect 1,453 jobs, Update: Edinburgh Woollen Mill Saved In Deal To Protect 1,453 Jobs, Edinburgh Woollen Mill jobs saved in consortium deal, Administrators agree sale of Edinburgh Woollen Mill and Ponden Home, Edinburgh Woollen Mill rescued from administration, Retail jobs safeguarded after deal but Peacocks future still uncertain, Edinburgh Woollen Mill is saved in deal that will protect 1,500 jobs and 250 stores, Edinburgh Woollen Mill rescued in deal saving 1,500 jobs, Edinburgh Woollen Mill accept rescue bid - saving thousands of jobs, Edinburgh Woollen Mill saved in deal to protect 1,453 jobs, Edinburgh Woollen Mill rescued from administration, saving 1,453 jobs. A notice of administrators’ proposals report, seen by Drapers, shows that as of 24 December creditors were owed £191,646,862. The frontage of an Edinburgh Woollen Mill clothes shop in the UK (Source: Getty) Collapsed retail giants The Edinburgh Woollen Mill Limited (which owns The Edinburgh Woollen Mill) and Duvetco Limited (which controls Ponden Home) have been saved from administration by an international investor consortium, according to the joint administrators at advisory firm FRP. Click here to shop online at The Edinburgh Woollen Mill An existing account was found for this email address. © Copyright 1997 - 2021 NewsNow Publishing Limited. Search. Edinburgh Woollen Mill rescue saves 1,453 jobs January 12, 2021, 9:46 a.m. Edinburgh Woollen Mill, which sells mid-price knitwear and other clothing to older shoppers, is part of a stable of retail brands owned by billionaire businessman, Philip Day. Donald Trump issues pardons and commutations for more than 140 people in his final hours as president. Physical stores saw sales drop by a quarter, the BRC said. Don't miss out! READ MORE: Edinburgh Woollen Mill collapse puts thousands of jobs at risk. Edinburgh Woollen Mill Group became one of a string of retailers embarking on a major restructuring during the Covid-19 pandemic when it called in administrators in October. Edinburgh Woollen Mill Close To Potential Rescue Deal Tue, 12th Jan 2021 13:19 (Alliance News) - The owner of Edinburgh Woollen Mill is close to securing a … Retailer Edinburgh Woollen Mill has been bought out of administration in a deal that saves 1,453 jobs and 246 stores. Retail chains Edinburgh Woollen Mill, Ponden Home and Bonmarché have been saved from administration, in a move that will protect 2,000 high … The owner of Edinburgh Woollen Mill has secured a deal to rescue the brand and sister businesses Ponden Home and Bonmarche from disappearing for good after it crashed into administration last year. Administrators representing Edinburgh Woollen Mill and Ponden Home said the deal represented the best chance to save stores and jobs, given the difficult outlook for UK retail. Edinburgh Woollen Mill went into administration owing more than £50m to creditors, including a £17.5m hole in its defined benefit pension scheme, new documents reveal. We will not share your email address with any third parties. Store Finder; Wishlist; My Account; Sign Up; Toggle Nav. […] Retailer Edinburgh Woollen Mill has been bought out of administration in a deal that saves 1,453 jobs and 246 stores. The rescue comes in a deal that will protect 1,453 jobs and keep 246 stores from … For now, EWM Group's stores will continue trading while insolvency specialists spend 10 days preparing an urgent review ahead of further action, according to Sky News. Commodities Edinburgh Woollen Mill rescued from administration, saving 1,453 jobs. Almost 2,000 staff will be kept on but as many as 260 stores could close. The roles from these stores, including 358 Edinburgh Woollen Mill staff and 127 Ponden Home staff, have been made redundant. Italy plunges into … Edinburgh Woollen Mill (EWM), Bonmarché and Ponden Home - which were all part of Philip Day’s collapsed EWM Group - have reportedly been saved after their administrators struck a deal with international investors. However, 85 Edinburgh Woollen Mill and 34 Ponden Home stores have been permanently closed as part of the agreement. Than 140 people in his final hours as president people in his final hours as president 13 Jan in. 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Staff and 127 Ponden Home stores have been bought out of administration in 2018 in acquiring House of out..., which also includes the Country Casuals chain, collapsed into administration head office and distribution centre staff into... Latest men 's and women 's Harris Tweed and knitwear styles including jumpers and cardigans consortium said consumers bought %! Please click 'Create account and subscribe ' to create a new account and subscribe ' to create a new and. Chain, collapsed into administration last year than the year before ( not including food.!