Peacocks has been bought out of administration by a consortium of investors led by Edinburgh Woollen Mill’s chief operating officer Steve Simpson.

The deal, which follows Peacocks falling into administration in November, is set to save up to 200 stores and around 2,000 jobs, following negotiations with FRP, the retailer’s administrators.

The bid for Peacocks is led by Simpson, backed by a consortium of investors that have agreed to provide sufficient working capital for the business to emerge from administration.

As the leading secured creditor, EWM Group has agreed to provide a deferred loan to the consortium.

Before going into administration, Peacocks operated 423 stores and had 4,369 colleagues.

Peacocks said no further job losses are planned as part of the deal and the retailer hopes that all 1,850 staff currently on furlough will be able to return to work once stores reopen next week alongside the retailer’s 150-strong head office and support teams.