Philip Day has severed all his ties with Edinburgh Woollen Mill Limited (EWM), Bonmarché and Ponden Home – at least that’s what the reports are claiming.
However, industry experts aren’t too convinced that Philip Day has stepped away.
Here it is important to mention that only last week Edinburgh Woollen Mill Limited (EWM), Bonmarché and Ponden Home were sold to a global investment consortium Purepay Retail Limited.
The acquisition also meant closure of 119 stores with several jobs being hit.
Philip Day and his family do not have any significant stake or control in Purepay Retail Limited. Besides, he had also forgone his position as a secured creditor of EWM Group to initiate the deal. Notably, EWM Group is not in administration.
Meanwhile, the investment consortium has agreed to pay Philip Day an undisclosed sum of money for his businesses. The money, reportedly, will be paid in installments. There are reports that he is keen to exit the business and pave way for someone else to take the business forward.
Philip Day still continues to be the owner of Peacocks, which also fell into administration in November 2020.
Stay with us for more update on the same!