A FASHION chain which entered administration last November has been saved, it has been announced.

The troubled Cardiff-based fashion chain Peacocks operates 423 stores and employs thousands of people.

The deal to save Peacocks, which is part of Edinburgh Woollen Mill (EWM) empire will save thousands of jobs.

Peacocks has been saved by Chief Operating officer Steve Simpson, with the backing of an international consortium, which is said to save 200 stores of the stores and 2,000 jobs.

Steve Simpson will take over the business, when it re-opens following the current lockdown.

Retail mogul, Phillip Day. who once owned the chain is said to get his money back from the business following a deferred loan agreement between a consortium of investors.

Following the administration, Mr Day’s EWM group had been granted more time to find investors for Peacocks.

At the time of the administration, the group issued the following statement.

“Jaeger and Peacocks are attractive brands that have suffered the well-known challenges that many retailers face at present,” he said at the time.

“We are in advanced discussions with a number of parties and working hard to secure a future for both businesses.”