Peacocks has been saved from administration following a bid from a private investment consortium, but the company will still lose at least half of its stores.

A statement from Edinburgh Woollen Mill (EWM), which previously owned the retailer, revealed that the deal would save up to 200 stores and around 2,000 jobs.

But Peacocks currently has over 400 stores, which means that more than 200 shops could permanently shut their doors.

The investor group is controlled Philip Day, who owns EWM, and led by Steve Simpson, the chief operating officer of EWM.

The company said that it hopes all 1,850 store staff currently on furlough will be able to return to work once stores reopen, along with more than 150 colleagues in head office and support.

It added that no job losses are planned as a result of the deal.

It has been reported that Mike Ashley’s Frasers Group will ask the government to investigate the sale. Ashley had made a bid for the retailer but lost out to the Day family-backed consortium.

A letter seen by The Guardian revealed that Frasers Group had “lost all faith in the process” after a “number of obstructions”.

“EWM Group has remained committed throughout the administration to support any credible bids for its retail businesses that offered (the businesses) a viable future and preserved livelihoods as much as possible,” said EWM in its statement.

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