Peacocks is to launch an online offer in the next 15 months under its new owners Edinburgh Woollen Mill.
Edinburgh Woollen Mill bought 388 Peacocks stores and concessions out of administration last month, as well as the brand name and head office.
However, the online business was not acquired because it was loss-making, according to Philip Day, Peacocks’ new chief executive and owner of Edinburgh Woollen Mill.
Day said he wanted to “work on the core UK business” before launching a transactional website for Peacocks. He refuted claims that smaller suppliers are angry over an extension on credit payment terms from 60 days to 90 days to align Peacocks suppliers with the Edinburgh Woollen group, which also owns Jane Norman.
“Almost all suppliers have agreed to the extension,” he said. “There are one or two smaller suppliers that decided not to go ahead. A 90-day credit payment is standard within retail.”
Day believes suppliers are in a better position due to Edinburgh Woollen Mills’ AAA rating.
“Before, Peacocks had £750m of debt and now it’s got the best balance sheet it’s had for a long time, so it will mean suppliers will be able to get better credit insurance through us,” he said.
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