Edinburgh Woollen Mill boss Philip Day is doing “everything he can” to salvage what he can from his stricken business empire, says his friend and fellow businessman Andrew Tinkler.

The former Stobart Group boss spoke of the rescue efforts being led by Mr Day as company insiders confirmed that the High Court is likely to be asked to give the firm more time to pull together a rescue package.

The current plan could see Edinburgh Woollen Mill (EWM) close and fashion store Peacocks – part of EWM Group – saved.

More than 21,500 jobs are at risk as Mr Day’s business – which includes Jaeger, Austin Reed, and Jane Norman – teeters on the brink of administration.

“The retail market has taken a real hammering during the pandemic and Philip’s company is just one of many that are suffering,” said Mr Tinkler, who has spoken in recent days to his friend, who located his HQ in Carlisle.

“He told me he’s a bit emotional about the whole thing and that it’s been a really difficult situation. He said he’s trying his hardest to protect jobs and his employees.

“There will be casualties. But he wants to restructure and do whatever it takes to protect what jobs he can. He’s somebody who knows about how to manage a turnaround; and he’s done it before. He’ll do everything he can and I’m sure he’ll find a way.”

EWM Group, which has about 1,100 stores, has filed a notice of intention to appoint administrators, giving the firm protection from creditors until Thursday. An extension would give more time to come up with a rescue deal.

Edinburgh Woollen Mill stores – reliant on tourists and elderly shoppers – are unlikely to survive.

“This is a consequence of the pandemic,” said Carlisle MP John Stevenson.

“It’s made life in the retail industry particularly difficult. I hope they can salvage as much of the business as possible and preserve as many of the jobs as possible. The Government can only do so much but there’s a limit to what it can do. The important thing is to make sure those jobs with a future are preserved.”

In recent days, Mr Stevenson has warned of the long-term legacy of the pandemic, saying economic growth is the only route to recovery. He is upbeat about Cumbria, saying: “We have a lot of stable industries which will survive. Hospitality is having a tough time, but I think it will bounce back. The appetite for foreign holiday’s won’t be there in future years.”