Edinburgh Woollen Mill Granted More Time to Find Buyer

Edinburgh Woollen Mill has been given more time to find buyers or new investors for its struggling businesses as an alternative to putting them into administration, the Financial Times reported. The group, controlled by Switzerland-based tycoon Philip Day, had already filed a notice of intent to appoint FRP as administrators, giving it protection from any legal action by its creditors. The notice was extended for two weeks on Friday. It said in a message to staff that it was “speaking to a number of parties” interested in investing or acquiring parts of the business, but reiterated earlier warnings that the process “will mean a lot of change . . . and inevitably a significant number of store closures”. Four chains are affected: discount fashion retailer Peacocks, knitwear specialist Edinburgh Woollen Mill, homewares group Ponden Mill and Jaeger, a stable of more upmarket brands. Read more