Collapsed fashion chain Peacocks has been bought out of administration by a senior executive with backing from a consortium, saving 200 stores and 2,000 jobs.

Peacocks, which was part of billionaire Philip Day’s EWM Group retail empire, went into administration last November.

The Cardiff-based chain operated 423 stores with 4,369 staff before its collapse.

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Closing down signs went up at branches at Templars Square, Cowley, Abingdon, Bicester and Didcot last year and it is not yet known if these will reopen.

Peacocks in Bicester

Chief operating officer Steve Simpson will take over the business with support from international investors.

It is understood that Mr Simpson has no financial stake in Peacocks but will lead the old management team to run the chain under a new firm, Purepay Retail.

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Purepay Retail’s purchase of Peacocks was funded by a consortium. Members have chosen to remain anonymous and the amount paid to save Peacocks has not been disclosed.

Peacocks in Bicester

Peacocks in Bicester

The Centre for Retail Research revealed that 188,685 retail jobs in the UK were lost between March 2020 and March 31 this year.

Non-essential stores can reopen from Monday as part of the Government's easing of lockdown restrictions.