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Phillip Day 'billionaire


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Meant to post earlier.

https://www.bbc.co.uk/news/business-54841435

EWM n Ponden Mills getting shitcanned brought this forward.

How in fuck is he billionaire?

Started in a management buyout of EMW in 2001.

Thing is, it's a junk brand. Think Mike Ashley but smaller n older.

Ashley took 2nd rate sports brand n destroyed what little quality was left, to stack high n sell cheap.

Day took emw , took small, puosh cashmere, turned it into cheap nylon shit.

Tiny market, mainly oap.

I've never seen anyone in a Ewm.

 

 

 

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EWM a bit of a disaster for Matlock Bath..their biggest site I would guess. Their shopping village and museum just flaming massive...hundreds of jobs gone. I guess if the Covid lockdown saves the life of one senile geriatic in Matlock Bath the destruction of hundreds of lives and the  the removal of a facilty for tens of thousands of visitors is worth it.

Thanks Bozza.

 

 

 

97360972_MILL(1).jpg.cedef18ddf6109a6bb3e4351d98ba9ce.jpg

 

 

Edited by crashmonitor
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  • 2 weeks later...
1 hour ago, eek said:

So Peacocks and Jaeger are not in Administration. 

Jaeger was actually an OK brand until Day decided to make the products more cheaply.

As far as I can work out - and I've never been in any of his shops - is a respin of Cashley,  aimed at oaps rather than chavsvum.

Same play book. Pick up brands, in this case expensive Scots cashmere, export production abroad and cut down on quality.

According to my mum MnS are much better n cheaper.

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  • 1 month later...
1 minute ago, spygirl said:

Edinburgh Woollen Mill reportedly owes its creditors, including suppliers and landlords, around £192 million, according to a report from administrator FRP Advisory.

https://www.retailgazette.co.uk/blog/2021/01/philip-days-edinburgh-woollen-mill-owes-creditors-over-190m/

Landlords and foreign suppliers should be bottom of the list and their numbers were odd considering the size of the operation.

In May 2020, Bangladesh Garment Manufacturers and Exporters Association in a letter to Philip Day had warned that they would blacklist EWM for non-payment of suppliers in Bangladesh and not returning their calls.

Turnover £88 Million

Assets £142 Million

Cash at Bank £72 Million

Have a look at page 11.

Full Accounts

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Revealed: Extent of Edinburgh Woollen Mill debt following administration

https://www.newsandstar.co.uk/news/18992063.revealed-extent-edinburgh-woollen-mill-debt-following-administration/

 

StewieP6 hrs ago

 

User ID: 2493182

 4Philip Day could pay all the debts including filling the hole in the pension scheme and still only spend a tiny fraction of his roughly £1.2 billion fortune

However there's more chance of seeing pigs do a fly past

 

Course he could ......

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Jogged by a post in What's going to ... thread.

https://www.retailgazette.co.uk/blog/2021/01/philip-day-strikes-new-deal-to-save-edinburgh-woollen-mill-brands/

The Edinburgh Woollen Mill Group is working with FRP Advisory, the administrator for the eponymous Edinburgh Woollen Mill brand and Ponden Home, and RSM, the administrator for Bonmarché, to package the businesses into a company named Pure Pay in exchange for their secured position.

That is then expected to be sold onto the new investors who will pay for the business in instalments over the next few years.

The investors are expected to inject cash into the businesses until shops reopen and resume trading.

Details of the rescue were still being finalised but it is expected to put EWM Group owner Philip Day back in focus of some of his most established retailers after they crashed into administration.

Day is seeking to use his position as a secured creditor to acquire the assets of Edinburgh Woollen Mill, Ponden Home and Bonmarche from administrators to sell them on to the new owners in a “complex” transaction.

Consortium rather than just Day.

And he doesn't seem to have fully asserted control I.e. hes jumping up n down.

Edinburgh Woollen Mill sold with up to 2,500 jobs saved

Group of Asian investors will inject ‘tens of millions’ into Philip Day’s businesses

https://www.ft.com/content/48ad1207-965e-4208-9c46-def7d6007009



Mr Day has retained influence over the outcome of the administration as EWM Group, the ultimate holding company of his former retail empire, is a secured creditor.

The new owners will pay an undisclosed sum in instalments over the next five years to EWM Group, depending on performance and cash availability.

“[Philip Day] just wants to get off the stage, having lost so much of his fortune,” said one of his close associates.

What fortune? Just buying junk with borrowed money.

 

 

 

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