Edinburgh Woollen Mill owner Philip Day could be involved with another big purchase soon.

Tynwald Mills was snapped up in September, as first reported exclusively by Isle of Man Newspapers.

Now womenswear chain Bonmarche is close to being bought out of administration by rival firm Peacocks, owned by billionaire businessman Mr Day, who has been named the preferred bidder for the embattled retailer, administrator FRP Advisory said.

However, negotiations are ongoing and a deal is not definite.

Mr Day was previously the majority shareholder in Bonmarche through separate holding company Spectre and lost more than £5.5m when it collapsed.

Administrators said 30 ‘underperforming’ stores will be closed by December 11, putting high street jobs at risk.

In total, 25 head office and middle management roles were made redundant following the retailer’s collapse into administration last month.

The company’s 285 remaining stores will continue to trade and the ‘vast majority’ of those branches are expected to be part of the deal with Peacocks if it goes ahead.

FRP Advisory partner Tony Wright said: ‘After a robust marketing process for Bonmarche, the business attracted a range of bids.

‘We have now begun advanced negotiations with Peacocks on a going concern basis and aim to complete a transaction that will maximise returns for creditors, but also provide the best opportunity to keep the retailer open and protect the greatest number of jobs.’

Mr Day has vowed to invest in the St John’s Tynwald Mills site, create jobs and attract more tourists.