Edinburgh Woollen Mill Group Expands Portfolio
- Peacocks acquires Bonmarché
- Part of Edinburgh Woollen Mill Group
- Around 200 stores acquired
- Talks ongoing for remaining sites
- Bonmarché had around 270 stores
- Peacocks named preferred bidder in November
- Administrators chose Peacocks’ bid as best opportunity to maximize returns
- FRP Advisory appointed administrator in October 2019
- 30 underperforming stores closed before December 11
- 25 head office and management roles made redundant
Embattled high street retailer Bonmarché has been sold to Peacocks, a part of Phillip Day’s Edinburgh Woollen Mill Group (EWM). Peacocks acquired around 200 stores and is in talks with landlords regarding the acquisition of the remaining sites. Bonmarché had approximately 270 stores before the deal. This follows Peacocks being named as the preferred bidder to acquire Bonmarché in November last year. The bid package from Peacocks was chosen by administrators FRP Advisory, who believed it was ‘the best opportunity to maximize returns for creditors and sell the business on a going concern basis’. FRP Advisory was appointed as administrator for the struggling retailer in October 2019, with joint administrators Tony Wright, Alastair Massey, and Phil Pierce overseeing the process. Prior to this, 30 ‘underperforming’ stores were closed before December 11th, and 25 head office and management roles were made redundant during the administration period.
Factuality Level: 8
Factuality Justification: The article provides accurate information about the acquisition of Bonmarché by Peacocks, the number of stores involved, and the role of FRP Advisory as administrators. It also mentions the closure of underperforming stores and redundancies at the head office. However, it lacks some details on the financial aspects of the deal and could provide more context about Peacocks’ plans for Bonmarché.
Noise Level: 4
Noise Justification: The article provides relevant information about a business acquisition and its implications for the involved parties, but lacks in-depth analysis or exploration of broader trends or consequences. It could benefit from more context on the retail industry and potential impacts on consumers.
Financial Relevance: Yes
Financial Markets Impacted: Retail industry, Bonmarché and Peacocks companies
Financial Rating Justification: The article discusses the acquisition of Bonmarché by Peacocks, which impacts the financial situation and future of both retail companies.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the text.
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