Fashion chains Peacocks and Jaeger have today fallen into administration, putting more than 4,700 jobs and almost 500 shops at risk.
The retailers, which were both part of billionaire Philip Day’s EWM Group retail empire, confirmed today that they had appointed administrators from FRP Advisory.
The administrators said no redundancies or store closures have been confirmed yet.
Cardiff-based Peacocks operates 423 stores with 4,369 staff, while Jaeger, which was bought by Mr Day in May 2017, runs 76 stores and concessions and employs 347 staff.
The two companies were put into administration this afternoon after a two-week deadline to find a buyer passed.
Thousands of jobs have been put in peril after bosses at clothing chains Peacocks and Jaeger failed to find a buyer for the troubled businesses. Pictured, a Peacocks store in Cardiff
Mr Day’s EWM Group had already placed its Edinburgh Woollen Mill and Ponden Home business into administration earlier this month.
But EWM had bought more time for Peacocks and Jaeger in the hope it could find a new buyer or investor for part or all of the business.
The High Court granted the business two more weeks to try to find a solution.
The two companies were put into administration this afternoon after a two-week deadline to find a buyer passed
Edinburgh Woollen Mill is owned by businessman Philip Day, who has a fortune of £1.05billion
From dyeing yarn to fashion: The EWM story
Edinburgh Woollen Mill was first founded in 1946 by Drew Stevenson as the Langholm Dyeing and Finishing Company and chiefly dyed yarn.
By 1970, when it opened its first shop Edinburgh, then two years later opened another across the border in Carlisle.
It was taken over by a management buy-in led by Philip Day and is now an independent privately-owned business 100% held by his family.
It acquired the Jaeger brand in 2017 and Peacocks came earlier in 2012 when it was taken in after going into administration.
This has now passed but FRP joint administrator Tony Wright remains positive about securing their futures.
‘Jaeger and Peacocks are attractive brands that have suffered the well-known challenges that many retailers face at present,’ he said.
‘We are in advanced discussions with a number of parties and working hard to secure a future for both businesses.’
In a statement, EWM Group said it will continue to support the administrators to find the best outcome possible.
It said: ‘In recent weeks we have had constructive discussions with a number of potential buyers for Peacocks and Jaeger Ltd.
‘But the continuing deterioration of the retail sector due to the impact of the pandemic and second lockdown have made this process longer and more complex than we would have hoped.
‘While those talks are ongoing, we no longer have an option to extend the standstill agreement originally imposed by the High Court six weeks ago any further.
‘Therefore as directors we taken the desperately difficult decision to place Peacocks and Jaeger into administration while those talks continue.’
The two names have been a staple of High Street shops and centres for decades in the UK.
Peacocks was founded in Warrington back in 1884 first as a penny bazaar.
It expanded quickly over the decades and moved into Wales to base itself back in the 1940s.
The relocation accelerated its growth and saw it listed on the London Stock Exchange back in 1999.
It was taken over following a £400million management buyout in 2005, making it again privately owned.
But six years later is was put into administration and 250 head office staff were made redundant.
In February 2012 is was sold to Edinburgh Woollen Mill Group, who had hoped to open hundreds more branches.
How nearly 219,000 job losses have been revealed by major UK firms since lockdown began
Some 215,471 job losses have been announced by major British employers since the start of the coronavirus lockdown in March as follows:
- November 19 – Peacocks and Jaeger
- November 13 – Greggs – 820
- November 5 – Sainsbury’s and Argos – 3,500
- November 4 – John Lewis – 1,500
- November 4 – Lloyds – 1,070
- October 29 – Pizza Express – 1,300
- October 7 – Greene King – 800
- October 6 – Virgin Money – 400
- October 6 – Vp – 150
- October 5 – Cineworld – 5,500 (many cuts likely to be temporary)
- September 30 – TSB – 900
- September 30 – Shell – 9,000 worldwide
- September 29 – Ferguson – 1,200
- September 22 – Wetherspoon – 400 to 450
- September 22 – Whitbread – 6,000
- September 18 – Investec – 210
- September 15 – Waitrose – 124
- September 14 – London City Airport – 239
- September 9 – Lloyds Bank – 865
- September 9 – Pizza Hut – 450
- September 4 – Virgin Atlantic – 1,150
- September 3 – Costa – 1,650
- August 27 – Pret a Manger – 2,800 (includes 1,000 announced on July 6)
- August 26 – Gatwick Airport – 600
- August 25 – Co-operative Bank – 350
- August 20 – Alexander Dennis – 650
- August 18 – Bombardier – 95
- August 18 – Marks & Spencer – 7,000
- August 14 – Yo! Sushi – 250
- August 14 – River Island – 350
- August 12 – NatWest – 550
- August 11 – InterContinental Hotels – 650 worldwide
- August 11 – Debenhams – 2,500
- August 7 – Evening Standard – 115
- August 6 – Travelex – 1,300
- August 6 – Wetherspoons – 110 to 130
- August 5 – M&Co – 380
- August 5 – Arsenal FC – 55
- August 5 – WH Smith – 1,500
- August 4 – Dixons Carphone – 800
- August 4 – Pizza Express – 1,100 at risk
- August 3 – Hays Travel – up to 878
- August 3 – DW Sports – 1,700 at risk
- July 31 – Byron – 651
- July 30 – Pendragon – 1,800
- July 29 – Waterstones – unknown number of head office roles
- July 28 – Selfridges – 450
- July 27 – Oak Furnitureland – 163 at risk
- July 23 – Dyson – 600 in UK, 300 overseas
- July 22 – Mears – fewer than 200
- July 20 – Marks & Spencer – 950 at risk
- July 17 – Azzurri Group (owns Zizzi and Ask Italian) – up to 1,200
- July 16 – Genting – 1,642 at risk
- July 16 – Burberry – 150 in UK, 350 overseas
- July 15 – Banks Mining – 250 at risk
- July 15 – Buzz Bingo – 573 at risk
- July 14 – Vertu – 345 July 14 – DFS – up to 200 at risk
- July 9 – General Electric – 369
- July 9 – Eurostar – unknown number
- July 9 – Boots – 4,000
- July 9 – John Lewis – 1,300 at risk
- July 9 – Burger King – 1,600 at risk
- July 7 – Reach (owns Daily Mirror and Daily Express newspapers) – 550
- July 6 – Pret a Manger – 1,000 at risk
- July 2 – Casual Dining Group (owns Bella Italia and Cafe Rouge) – 1,909
- July 1 – SSP (owns Upper Crust) – 5,000 at risk
- July 1 – Arcadia (owns TopShop) – 500
- July 1 – Harrods – 700
- July 1 – Virgin Money – 300
- June 30 – Airbus – 1,700
- June 30 – TM Lewin – 600
- June 30 – Smiths Group – ‘some job losses’
- June 25 – Royal Mail – 2,000
- June 24 – Jet2 – 102
- June 24 – Swissport – 4,556
- June 24 – Crest Nicholson – 130
- June 23 – Shoe Zone – unknown number of jobs in head office
- June 19 – Aer Lingus – 500
- June 17 – HSBC – unknown number of jobs in UK, 35,000 worldwide
- June 15 – Jaguar Land Rover – 1,100
- June 15 – Travis Perkins – 2,500
- June 12 – Le Pain Quotidien – 200
- June 11 – Heathrow – at least 500
- June 11 – Bombardier – 600
- June 11 – Johnson Matthey – 2,500
- June 11 – Centrica – 5,000
- June 10 – Quiz – 93
- June 10 – The Restaurant Group (owns Frankie and Benny’s) – 3,000
- June 10 – Monsoon Accessorise – 545
- June 10 – Everest Windows – 188
- June 8 – BP – 10,000 worldwide
- June 8 – Mulberry – 375
- June 5 – Victoria’s Secret – 800 at risk
- June 5 – Bentley – 1,000
- June 4 – Aston Martin – 500
- June 4 – Lookers – 1,500
- May 29 – Belfast International Airport – 45
- May 28 – Debenhams (in second announcement) – ‘hundreds’ of jobs
- May 28 – EasyJet – 4,500 worldwide
- May 26 – McLaren – 1,200
- May 22 – Carluccio’s – 1,000
- May 21 – Clarks – 900
- May 20 – Rolls-Royce – 9,000
- May 20 – Bovis Homes – unknown number
- May 19 – Ovo Energy – 2,600
- May 19 – Antler – 164
- May 15 – JCB – 950 at risk
- May 13 – Tui – 8,000 worldwide
- May 12 – Carnival UK (owns P&O Cruises and Cunard) – 450
- May 11 – P&O Ferries – 1,100 worldwide
- May 5 – Virgin Atlantic – 3,150
- May 1 – Ryanair – 3,000 worldwide
- April 30 – Oasis Warehouse – 1,800
- April 29 – WPP – unknown number
- April 28 – British Airways – 12,000
- April 23 – Safran Seats – 400
- April 23 – Meggitt – 1,800 worldwide
- April 21 – Cath Kidston – 900
- April 17 – Debenhams – 422
- March 31 – Laura Ashley – 268
- March 30 – BrightHouse – 2,400 at risk
- March 27 – Chiquito – 1,500 at risk
