Edinburgh Woollen Mills, the parent company of Tynwald Mills in St Johns looks to have been saved in a last-minute rescue deal that could save 2,500 jobs and prevent the closure of around 300 stores in the UK.
The group went into administration last year after a drastic fall in sales as a result of the Coronavirus pandemic.
The buyers are reported to be a consortium of international investors who have pledged to inject fresh capital into the business, which will continue to be led by the existing management team.
Edinburgh Woollen Mill is part of a stable of retail brands owned by billionaire businessman, Philip Day. A number of the brands are not part of the deal – though one of the most prestigious – Jaeger – has been bought by Marks & Spencer.
The rescue deal covers the Edinburgh Woollen Mill, Ponden Home and Bonmarche chains. The low-price clothing company, Peacocks remains in administration. Tynwald Mills was not part of the administration process.
Despite the deal, thousands of jobs in the group will be lost.