Edinburgh Woollen Mill owes creditors over £190m
Those who are indebted include suppliers and landlords
Philip Day’s Edinburgh Woollen Mill (EWM) owes a reported £192m to its unsecured creditors, according to Drapers.
A report from FRP Advisory, which was seen by Drapers, reveals that those who are indebted includes suppliers and landlords, shows that as of 24 December the firm owed a total sum of £191.6m.
The retailer, who also owns the Country Casuals chain, fell into administration on 5 November, shutting 50 stores and putting over 600 jobs at risk in the process.
In an update at the time the group said it was “responding to the harsh trading conditions caused by the impact of the Covid-19 pandemic and a recent reduction in its credit insurance”.
Amongst its creditors, Smile Outfits is owed the largest sum of £423,524, with Bengal Knittex also owed almost £424,000.
As for recognisable British brands involved in the situation, Regatta is owed just over £21,000 and Mountain Warehouse £31,115.
Finally, the firm is £115,000 in debt to the National Grid UK Pension Scheme, putting the pensions of its workers at risk.
