HIGH street fashion chain Peacocks has been saved by a senior executive with backing from an international consortium, it has been announced.

Peacocks, which has stores in both Northwich and Winsford, was owned by Edinburgh Woollen Mill (EWM) until it collapsed in November last year.

However, it has been confirmed chief operating officer Steve Simpson will take over the business, saving 2,000 jobs and 200 stores.

The news comes ahead of non essential shops and retails being allowed to re-open on April 12 as part of the governments roadmap out of lockdown.

Businessman Mr Day, who owned EWM was the biggest creditor of Peacocks, with administrators FRP negotiating 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.

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 Mr Day’s other brand, Jaeger, was sold to Marks & Spencer, where it will become an online-only business.

The deal essentially sees the EWM brands – excluding Jaeger – reform under the old management led by Mr Simpson.

Peacocks had 400 stores going into the pandemic a year ago and announced a series of job losses and store closures as it struggled to manage under the various restrictions.

The chain had a poor online presence compared with rivals and – along with Arcadia and Debenhams – struggled to recoup business through its websites, leading to its collapse.