Collapsed fashion chain Peacocks has been rescued by a senior executive with backing from a consortium of international investors.
The company operated 423 stores with 4,369 staff before it entered administration last November, putting shops in Beeston, Eastwood, Newark, Hucknall, West Bridgford and Long Eaton at risk.
In good news for the beleaguered high street the move will save 200 stores and 2,000 jobs.
Chief operating officer Steve Simpson will take over the business, which he hopes to reopen once lockdown restrictions on non-essential retailers ease.
He has no financial stake in the company but will lead the existing management team under a new firm, Purepay Retail, funded by the international consortium, whose members have chosen to remain anonymous.
The chain was part of Philip Day’s Edinburgh Woollen Mill (EWM) fashion empire, together with Jaeger.
Mr Day was the biggest creditor of Cardiff-based Peacocks and is owed money by the business he once owned.
Administrators FRP negotiated a deal with him by signing a deferred loan agreement between a consortium of investors and the businessman which will eventually see him get his money out of the company, reported Wales Online.
The consortium of international backers are primarily based in Dubai, where Mr Day lives.
A similar deal was set in place with the EWM and Bonmarche brands, while Jaeger was sold to Marks & Spencer and will become an online-only business.
