landlords, suppliers and the taxman, will lose out and are unlikely to get their money back.<\/strong><\/p>\nFrasers has claimed that FRP was unwilling\u00a0to \"engage substantively or to provide key financial information\" to enable it to progress its bid.<\/p>\n
In a statement to the London Stock Exchange this morning, it said: \"Frasers Group with its advisors actively participated in discussions with FRP Advisory and representatives of the secured creditor, The Edinburgh Woollen Mill (Group) Limited. However, at no point in the discussions were the secured creditor or the Joint Administrators prepared to allow Frasers Group the same access to key stakeholders<\/strong> and information as the purported purchaser was allowed.<\/span><\/p>\n\"The actions of the secured creditor and the Joint Administrators made it virtually impossible for Frasers Group or any other third party to provide a credible alternative<\/strong> to the purported sale to the connected party.<\/span><\/p>\n\"Since November, Frasers Group has repeatedly expressed its concerns in relation to the process. On March 27, advisors to Frasers Group sent a letter to FRP Advisory detailing those concerns<\/strong> which included insufficient access to: basic financial information; management information and projections; property details, stock information; retention of title stock and intellectual property. The letter noted that the All-Party Parliamentary Group is looking at the insolvency profession and stated that Frasers Group will fully assist by setting out its experience and concerns.<\/span><\/p>\n\"Throughout the process Frasers Group raised questions specifically around the rationale and information provided<\/strong> in relation to the assignment of Peacocks intellectual property to a third party in the early part of 2020 prior to the Joint Administrators being appointed. Evidence was provided to the Joint Administrators that undermined the authenticity of the\u00a0assignment documentation provided to support the assignment which we strongly believe warrants further investigation by the Joint Administrators<\/span>. <\/span><\/p>\n\"Details of the so-called 'rescue' have not been made public, but the media reports suggest that the consideration was in the form of a deferred loan agreement which we believe would require the involvement and approval of Philip Day.<\/strong>\"<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"Frasers Group has hit out at yesterday's news of a rescue of value fashion chain Peacocks by a consortium of international investors led by its former COO Steve Simpson, saying its was effectively frozen out of the sale process despite submitting an expression interest.<\/p>\n","protected":false},"author":11,"featured_media":134345,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[10585,6,10494],"tags":[16565,15588,11421,9724,4080],"acf":[],"yoast_head":"\n
Frasers Group hits out at the rescue of Peacocks - TheIndustry.fashion<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n